Removing Barriers Blog

CUNA Supports CFPB’s Proposed Student Loan Payback Playbook
Posted June 10, 2016 by CUNA Advocacy

In a letter to the CFPB, we demonstrated our support for the intent of the proposed borrower communications, referred to as the Student Loan Payback Playbook. The proposed Playbook outlines multiple disclosures with personalized repayment options, reflecting the borrowers’ actual anticipated monthly payment, for borrowers who may be struggling to keep up with their monthly student loan payment or trying to choose among dozens of repayment plans. In the coming months, the Department of Education, in consultation with the CFPB, plans to finalize new disclosures related to repayment options for federal student loans. 

Since this request addresses communications regarding federal student loans only, its application to credit unions is likely limited. However, we are cognizant that the CFPB and Department of Education’s action on federal student loans could inform future activity in the area of private student loans. 

While we support the intent of the proposed Playbook, we ask the CFPB to continue to look for ways in which to improve and simplify disclosures in an effort to make such disclosures more effective at communicating pertinent information to the consumer.