Government seeks closer supervision of student loan firms | New ...

WASHINGTON ? The government?s consumer finance watchdog wants stricter?oversight?of companies that collect and log?student?loan?payments.

The Consumer Financial Protection Bureau says that it wants the authority to supervise the activities ofstudent?loan?companies that aren?t banks. It says the scrutiny is needed because the market is growing rapidly and more people are falling behind on their payments.

Student?loan?servicers have so far escaped routine?oversight?by government regulators. Borrowers complain that the companies lose paperwork, fail to apply payments and provide poor customer service.

The bureau already supervises?student?loan?collections by big banks.

The proposal is open for public comment for the next 60 days.

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Source: http://neworleanscitybusiness.com/blog/2013/03/14/govt-seeks-closer-oversight-of-student-loan-firms/

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