Today, the Consumer Financial Protection Bureau (CFPB) released the criteria it will use in examining private student loan lenders, which is an extension of the Bureau’s General Supervision and Examination Manual that will be used as a field guide by CFPB examiners to ensure that private student lenders comply with federal consumer financial laws.
Through passage of the Dodd-Frank Act, the CFPB has the authority to supervise large banks, as well as nonbanks, that make private student loans, CFPB notes that the examination procedures released today may be used to examine both types of lenders. According to the… >>>