CFPB seeks more authority over student-loan servicers

03/14/2013 | Reuters

The Consumer Financial Protection Bureau is proposing that it supervise any company that handles more than a million student-loan accounts. "We've heard complaints from private loan borrowers that nobody holds service companies accountable for answering questions and providing quality customer service," said CFPB Director Richard Cordray. Currently the agency has authority over seven large loan-servicing organizations.

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