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"I'm concerned that the same chaos and confusion we saw in the mortgage market may be repeating itself in the student loan market," said Rohit Chopra, the CFPB's student loan ombudsman.

CFPB Pushing for Overhaul of Student Loan Servicers

The Consumer Financial Protection Bureau is urging policymakers to revamp the disclosure requirements and modification programs of private student loan servicers, similar to changes already enacted in the mortgage industry.

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