CFPB REQUEST FOR COMMENT: Defining Larger Participants of the Student Loan Servicing Market
As a part of the CFPB’s review of financial services provided to students, the CFPB has issued a request for comment on a proposed rule to redefine larger participants in the student loan servicing market. The proposed rule would establish the CFPB’s supervisory authority over certain nonbank covered persons participating in the market for student loan servicing. In defining the larger participants in the student loan servicing market the CFPB prescribes various procedures, definitions, standards, and protocols that apply with respect to all markets in which the bureau has defined larger participants. A copy of the request for comment can be found here.