The Consumer Financial Protection Bureau is getting ready to supervise lenders that provide private student loans.
“For many borrowers, a student loan may be their first major financial decision,” said CFPB director Richard Cordray, in a press release. “With student debt topping a trillion dollars, we will be working to ensure consumers are treated fairly and lenders are held accountable.”
The CFPB released its examination procedures for student loans. It will look for accurate and non-discriminatory advertising or marketing, transparent disclosures of costs and terms, periodic statements with accurate account information and proper handling of borrower inquiries and complaints.