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ABA: The American Bankers Association
Compliance News

Bureau Issues Annual Report of the Private Education Loan Ombudsman

The Consumer Financial Protection Bureau Private Education Loan Ombudsman last week issued the 2019 Annual Report showing that from Sept. 1, 2017 through Aug. 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints. The Bureau handled an additional 4,600 debt collection complaints with a student loan related subproduct. The report also provides policymakers with a series of recommendations.