The Consumer Financial Protection Bureau said it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students.
CFPB to examine colleges’ in-house lending practices
January 21, 2022 / By ICBA
The Consumer Financial Protection Bureau said it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students.
The Consumer Financial Protection Bureau said it will begin examining the operations of post-secondary schools, such as for-profit colleges, that extend private loans directly to students.
Exam Procedures: The CFPB also updated its exam procedures to include a new section on institutional student loans to inform the industry about practices that CFPB examiners will review.
Concerns: The agency said it is concerned about the borrower experience with institutional loans because of past abuses at schools that subjected students to high interest rates and strong-arm debt collection practices.
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