This
week, the CFPB released the student loan Payback
Playbook, a set of prototype disclosures that would provide borrowers with
personalized information about their repayment options from loan servicers.
Specifically, the Payback Playbook outlines repayment options for borrowers who
may be struggling to keep up with their monthly payment or trying an
appropriate repayment plan. The Payback Playbook would be available to
borrowers on their monthly bills, in regular email communications from their
student loan servicers, or when accessing their accounts online.
The
Payback Playbook was released as part of a CFPB request
for information on student loan borrower communications. The CFPB is
seeking comments related to consumer decision-making when repaying student
loans, including the presentation of information about alternative repayment
options. In the coming months, the Department of Education, in consultation
with the CFPB, plans to finalize new disclosures related to repayment options.
CUNA
will be posting a Regulatory
Comment Call once the CFPB request for information is published in the Federal
Register.