To ensure compliance with applicable consumer financial laws, the Consumer Financial Protection Bureau released a manual on how its examiners will review private student lenders. The Student Lending Examination Procedures will be used to examine both banks and non-banks that offer student loans.
"For many borrowers, a student loan may be their first major financial decision," CFPB Director Richard Cordray said in a press release. "With student debt topping a trillion dollars, we will be working to ensure consumers are treated fairly and lenders are held accountable."
"Lenders will be reviewed on several issues including advertising, product disclosures, borrower qualifications and the process for handling complaints or inquiries," writes American Banker's Rachel Witkowski.
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