Newsroom
April 28, 2016
CFPB's 'payback playbook' aims to help student borrowers
CFPB on Thursday unveiled a student loan "payback playbook" – a set of prototype disclosures that outline affordable payment options for borrowers of federal student loans.
The payment options would be available to the student borrowers via monthly bills, regular emails from their student loan servicers or their online student loan accounts.
The bureau partnered with the Department of Education and Treasury on this playbook. During a press call Thursday, CFPB Director Richard Cordray said about "43 million consumers owe student loan debt, and the volume of outstanding federal student loan debt has more than doubled in less than a decade to roughly $1.3 trillion today."
He said this playbook, for federal student loan borrowers, "contains personalized information about income-driven repayment plans" and will also help borrowers develop a course of action to a payment they can afford. The playbook most borrowers will receive from their servicer will provide three personalized repayment options, he said.
The payback playbook is available online and the public can provide feedback on these prototype disclosures through June 12. The Department of Education plans to finalize these disclosures with the feedback provided to CFPB.
The payment options would be available to the student borrowers via monthly bills, regular emails from their student loan servicers or their online student loan accounts.
The bureau partnered with the Department of Education and Treasury on this playbook. During a press call Thursday, CFPB Director Richard Cordray said about "43 million consumers owe student loan debt, and the volume of outstanding federal student loan debt has more than doubled in less than a decade to roughly $1.3 trillion today."
He said this playbook, for federal student loan borrowers, "contains personalized information about income-driven repayment plans" and will also help borrowers develop a course of action to a payment they can afford. The playbook most borrowers will receive from their servicer will provide three personalized repayment options, he said.
The payback playbook is available online and the public can provide feedback on these prototype disclosures through June 12. The Department of Education plans to finalize these disclosures with the feedback provided to CFPB.
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.