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CBA Statement on CFPB Student Lending Ombudsman Report
On Wednesday, October 28, 2020, CBA President and CEO Richard Hunt issued the following statement after the Consumer Financial Protection Bureau issued its annual report on student lending:
“The latest report from the CFPB ombudsman points out what everyone paying attention to the student lending marketplace already knows: Private lenders are working responsibility with their borrowers to set them up for success post-graduation and the massive growth of the federal portfolio has created a debt trap for many students and their families. To fully address the consumer impact of growing student debt, regulators and Congress need to seriously review the federal student loan portfolio and lending practices.”
To read the full CFPB report, visit: https://files.consumerfinance.gov/f/documents/cfpb_annual-report_private-education-loan-ombudsman_2020.pdf.