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December 4, 2014

Rohit Chopra and CFPB Piss Off Private Student Lenders

Ombudsman Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) can sleep soundly at night knowing he is doing something right.  The Wall Street Journal quotes Richard Hunt, president of the Consumer Bankers Association, as stating “There’s more tension between banks and those in the CFPB’s student-lending division than in all other areas of the CFPB combined.”

Why is the private student loan industry so pissed off?  The CFPB and Mr. Chopra have persistently pushed private lenders to modify or refinance private student loans, in spite of the industry’s objections.

As an advocate, I subscribe to the “if you are pissing people off, you know you are doing something right”* philosophy.  The private student loan industry apparently isn’t too keen on scrutiny and regulation.  

Congratulations Mr. Chopra, and thank you. 

Read more about how private student lenders are responding to the CFPB’s calls for loan modifications.

*I was surprised to learn that this quote is credited to John Lydon, aka “Johnny Rotten” of the Sex Pistols.  Cool.
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