Episode 7 – Financial Consumer Rights Talk – Student Loan Stress

The CFPB whats to hear about how student loans have caused stress.

On March 10, 2015 President Obama released a press statement and a directive for a couple of the federal agencies to take action; the memo is called the “Student Aid Bill of Rights”. This memo asks the Secretary of Education, Secretary of Treasury, and the Director of the CFPB (Consumer Protection Finance Bureau), to issue a report to the president that would assess the potential applicability of consumer protections that have been implemented in the mortgage and credit card markets to the student loan industry.

Google search comparison reflecting interest over time to the topic of student loans compared to mortgage loans.

The president asked for recommendations for statutory or regulatory changes in the area, including where appropriate strong servicing standards could be applicable. That of