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The Consumer Financial Protection Bureau, or CFPB, today announced that it is seeking information from students, schools, industry, and other stakeholders on the private student loan market.  The CFPB is interested in a complete picture of private student lending, so it is seeking a broad swath of information, including:

  • Information available to shop for private student loans
  • The role of schools in the marketplace
  • Underwriting criteria
  • Repayment terms and behavior
  • Impact on choice of field of study and career choice
  • Servicing and loan modification
  • Financial education and default avoidance

The CFPB will use the collected input to assist with preparation of a report to Congress on private student lending. The Dodd-Frank Act requires the CFPB and the Department of Education to produce this report by July 21, 2012. The CFPB will also use the information it gathers to prioritize its own regulatory and education work.

Check dodd-frank.com frequently for updates on the Dodd-Frank Act and other important securities law matters.

2 Responses to CFPB Inquires About Private Student Loans

[…] The Dodd-Frank Act has broad and deep implications that will touch every corner of financial services and multiple other industries. This site, developed and maintained by attorneys at Leonard, Street and Deinard, is dedicated to making sense of this complex legislation and helping businesses understand how it will affect them specifically. Our Bloggers »Source: dodd-frank.com […]

[…] The Dodd-Frank Act has broad and deep implications that will touch every corner of financial services and multiple other industries. This site, developed and maintained by attorneys at Leonard, Street and Deinard, is dedicated to making sense of this complex legislation and helping businesses understand how it will affect them specifically. Our Bloggers »Source: dodd-frank.com […]

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