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CFPB focuses on student loan payment processing policies
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Consumer Protection
Wednesday, February 5, 2014
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Private student loan servicers told the Consumer Financial Protection Bureau that they are taking steps to improve the way they communicate to borrowers about payment processing policies. The agency previously cited numerous issues in the student loan servicing industry, comparing it to the mortgage servicing space. The CFPB recently reached out to industry participants to learn about specific elements of their payment processing policies. Read on to learn what the CFPB found.
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