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CBA Statement on CFPB Rule Regarding Private Student Loan Servicers
Washington, D.C. (December 3, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, released the following response to the Consumer Financial Protection Bureau’s (CFPB) finalized rule “Defining Larger Participants of the Student Loan Servicing Market,” issued today:
“This finalized rule is an appropriate step to ensure all major participants in the student loan servicing market are subject to the same oversight and regulation. We also strongly believe students who borrow federal loans should receive the benefit of CFPB oversight which will come as a result of this rule. Moving forward, the CFPB and the Department of Education should focus on college affordability and the $1 trillion in outstanding federal student loan debt.”
NOTE: On May 24, 2013, CBA submitted a comment letter to the CFPB on this issue. It can be found here.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.