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Two Opportunities for Student Loan Companies to Speak Up

Two recent requests from lawmakers have provided student loan servicers and originators the opportunity to comment on hot-button issues for the industry:

  • The CFPB issued a Request for Information last week, seeking comments and information “to assist in assessing the overall efficiency and effectiveness of its supervision program and whether any changes to the program would be appropriate.” The comment period will open when the RFI is published in the Federal Register, expected February 20. In light of the supervision program’s past involvement with the industry, student loan servicers and industry groups should consider taking this opportunity to speak up.

    This RFI is the most recent in a series of RFIs from the Bureau, with more to come in the next couple of months. Stay tuned for RFIs related to complaint reporting, rulemaking processes, consumer inquiries, and more.

  • Also last week, Chairman Lamar Alexander and Ranking Member Patty Murray of the Senate Health, Education, Labor, and Pensions (HELP) Committee requested comments and suggestions on the Committee’s reauthorization of the Higher Education Act (HEA). While it is by no means certain that we will see an HEA reauthorization passed this year, HELP Committee leadership remains focused on the issue. Senator Alexander released a white paper on his vision for the HEA earlier this month, expressing concern about taxpayer exposure to defaults on federal student loans. The HEA reauthorization will have a potentially huge effect on the student loan industry. Comments to the Committee may be submitted to by Friday, February 23.