nonbank student loan servicers

CFPB Proposed Rule for Nonbank Student Loan Servicers

On March 14, the CFPB proposed a rule that would allow it to federally supervise certain nonbank student loan servicers.  The CFPB currently oversees student loan servicing at larger banks.  The rule would define certain nonbank student loan servicers as “larger participants” and would allow the Bureau to oversee their activity for compliance with federal consumer financial laws.  CFPB Release.