CFPB finalizes rules for student loan servicers

The Consumer Financial Protection Bureau finalized a rule today that, beginning March 1, permits the agency to oversee nonbank student loan servicers that handle more than 1 million student loan borrower accounts in the U.S. There are seven firms that handle such accounts, making up about 70% of the market. In October, CBA President and CEO Richard Hunt argued that the CFPB should not just focus on the small, private student loan market, but should also include federal loans. The CFPB says the final rule applies to all servicers whether they handle private or federal loans.

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