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CFPB issued its annual report Thursday on private student loan borrowers, in which it says the largest group of loan complaints to the bureau are about a lack of repayment options and flexibility in times of distress.

"While federal student loans have a number of loan modification options to help borrowers avoid default, private student loan servicers and lenders may not make it easy for borrowers to get help in times of distress, which may have consequences for not only your financial future, but also for the broader economy," wrote CFPB Student Loan Ombudsman Rohit Chopra.

NAFCU Regulatory Affairs Counsel PJ Hoffman said, "The CFPB's report does not name credit unions among problematic student lenders, because credit unions have a different relationship with their members. Credit unions are the gold standard in the private student lending industry, and they take care of their members by putting them in loans they can afford. If those borrowers start to have financial difficulties, credit unions work with them to find a solution that works for both the credit union and the member."

Hoffman met with Chopra Thursday to discuss student lending issues of interest to CFPB and credit unions.

CFPB has offered a template letter for asking companies for assistance when borrowers are experiencing financial distress, as well as other resources for borrowers who want to consider alternate repayment plans and loan modification options.