NAFCU Warns CFPB Of Unintended Consequences’

Published May 21, 2013, 6:35 p.m. EDT

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Updated August 26, 2020, 10:19 p.m. EDT

1 Min Read

ARLINGTON, Va. NAFCU is urging the Consumer Financial Protection Bureau to be aware of “unintended consequences” for credit unions from proposed new rules on student lending.

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NAFCU said while credit unions are specifically exempted from the Defining Larger Participants of the Student Loan Servicing Market rules, the rule nonetheless will have an effect on the private student servicing market and those changes could affect credit unions. NAFCU said it wants to ensure that nothing interferes with credit unions “providing the best in student loan servicing for consumers.”

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