The Consumer Financial Protection Bureau is raising concerns about a caveat in private student loan contracts that allows lenders to automatically put a borrower in default when a co-signer faces certain kinds of hardship.
CFPB Raises Red Flags on "Auto-Defaults" for Student Loans
- Full access to banking's most comprehensive daily report
- Daily, weekly, and topic-based newsletters and alerts
- Award-winning analysis and insight, focused on bankers' key concerns
- Bimonthly industry research reports
- Morning Scan Plus (Premium e-newsletter)
- American Banker mobile app