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The Consumer Financial Protection Bureau(CFPB) put lenders on notice that it will examine the way they market student loans. The CFPB published guidelines explaining exactly what its investigators will look at. The issues include:
Marketing and advertising materials including mail and text messages, telephone solicitation scripts, and agreements and disclosures for the products and services. The bureau wants to make sure the materials are not deceptive, misleading, or discriminatory.
Whether appropriate disclosures are made about loan costs and terms and allocation of the money.
Whether borrowers get ccurate account information including periodic statements, monthly payment information, charges, fees, and interest rate changes.
Whether there’s adequate customer service and responsiveness.
Examiners will also evaluate the systems, procedures, and policies used by the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints.