Daily Digest – June 12. Industry Applauds CFPB Decision on Debt Collection Rule; Student Loan Borrowers Not Enrolling in Repayment Plans

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INDUSTRY APPLAUDS CFPB DECISION ON DEBT COLLECTION RULE

• Reaction to the announcement made by the CFPB Thursday regarding its proposed debt collection rule has been overwhelmingly positive, although there are some concerns that while this is a short-term gain for the ARM industry, there is a potential for problems in the long-term. By combining third-party and first-party with respect to the verification and validation component of its proposal, the CFPB took to heart what it had been hearing from the industry for nearly a year, said Joann Needleman, a partner at the law firm of Clark Hill and leader of the firm’s Consumer Financial Services Regulatory & Compliance Practice Group.

STUDENT LOAN BORROWERS NOT ENROLLING IN REPAYMENT PLANS; THOSE WHO DEFAULT VERY LIKELY TO DO SO AGAIN

• Student loan borrowers are not enrolling in repayment plans at an alarming rate and half of borrowers who have defaulted once default again within three years, according to data compiled and released by the CFPB. Three quarters of those individuals with two defaults did not make a single student loan payment, according to the data.

 

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