Compliance Blog

Written by Steve Van Beek

The CFPB announced new initiatives in their Know Before You Owe campaign for student loans.  The CFPB released quite a few different documents and announcements including:

• Blog Post on Paying for College: Help us make it easier for you to choose
• Press Release announcing their new webpage and the Financial Aid Comparison Shopper

This is in addition to the CFPB's other efforts on Know Before You Owe for student loans, a separate shopping sheet example, debt repayment assistance and student loan complaint process.

While the CFPB's Know Before You Owe on student loans won't directly impact credit unions - it is clear that the CFPB has its sights set squarely on the student loan market - especially private student loans - and credit unions will want to follow the CFPB's moves in this area.  

Here are Director Cordray's remarks at the announcement.   

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Welcome Mike.  Those of you have emailed or called NAFCU Compliance recently may have talked with our newest Regulatory Compliance Counsel - Mike Coleman.  Mike joined us in mid-February and attended NAFCU's Regulatory Compliance School last month.  Mike also successfully passed all four NAFCU Certified Compliance Officer (NCCO) exams and is now an NCCO (I guess it didn't hurt to have one of his first assignments to read the NAFCU GPS and check every single electronic link).    

NAFCU Members:  We've updated our Contacting NAFCU's Compliance Team document.  Be sure to download the contact sheet and pass along to your colleagues.  For more information on NAFCU's Compliance resources, click here.

Non-Members:  We have a six-month trial membership program that your credit union might qualify for.  Additionally, all NAFCU conferences (including Regulatory Compliance Seminar) and webcasts are open to anyone regardless of NAFCU membership.