CFPB Expands Turf With Nonbank Student Loan Servicer Rule
December 16, 2013
Last week, the CFPB issued a rule that allows the bureau to supervise for the first time the nonbank servicers of private and federal student loans that qualify as larger participants in the student loan servicing market. The bureaus new rule defines as larger participants servicers with an account volume in excess of one million loans, thereby subjecting any nonbank student loan servicer that handles more than one million borrower accounts to the agencys supervisory authority. Under the new rule, CFPB supervision...