Collecting on Student Loans: Challenges and Opportunities
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Not understanding the regulatory environment when collecting student loan debt can have serious consequences and could be disastrous and costly.
The servicing of student loan debt, including loans that may be in default, is reaching historic heights. On September 29, 2015, The Consumer Financial Protection Bureau (CFPB) along with the Department of Education (DOE) issued its long awaited report on servicing failures for new reforms which addresses the increased concerns about complaints in the collection of student loans. Both the Federal Trade Commission and the CFPB have made student loan debt collection a top priority for 2016. Whether you are a student loan servicer, a bank or an institution of higher education, you must understand and comprehend the regulatory environment when collecting student loan debt otherwise the consequences could be disastrous and costly. This topic will breakdown the expectations of the CFPB, highlight those areas of critical concern and more importantly provide appropriate opportunities for your organization when engaging in the collection of student loan debt in order to avoid these pitfalls.
AuthorsJoann Needleman, Clark Hill Thorp Reed, LLP
• Data on Student Loan Indebtedness
• CFPB and Authority Over Student Loans
• Information Gathering
CFPB Debt Collection Policy Impacts Student Loans
• Recent Consent Orders and Enforcement Actions
• Supervisory Highlights Both in Debt Collection and Student Loans