In the latest edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) took time to highlight student loan servicing compliance.
The CFPB found that servicers failed to enroll qualified borrowers in affordable federal loan repayment plans and, as a result, is issuing updated procedures for student loan servicing exams intended to enhance those devised in 2013, based on supervisory and enforcement actions from the past two years.
Read on for more about what updated procedures student loan servicers face.