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Nov 17, 2011

CFPB on Student Loans; Webcast on FFIEC Guidance

Written by Steve Van Beek

It feels good to be back!  I hope you've enjoyed the guest posts from my NAFCU colleagues over the past couple of weeks.  I've got a long way to get caught back up - but you have to start somewhere....

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The CFPB has continued to make moves in the student loan area.  

First, there is the "Know Before You Owe: Student Loans" form that was released by the CFPB seeking input on their student loan shopping sheet.  

Then, yesterday the CFPB issued a Notice and Request for Information Regarding Private Student Loans and Private Educational Lenders.  The full notice is here.  There is a 60-day comment period.  The press release includes this information:

"The CFPB is asking the public, students, families, the higher education community, and the student loan industry – both lenders and servicers – to provide information on this financial product voluntarily. The CFPB is interested in a complete picture of private student lending, so it is seeking a broad swath of information, including:

  • Information available to shop for private student loans
  • The role of schools in the marketplace
  • Underwriting criteria
  • Repayment terms and behavior
  • Impact on choice of field of study and career choice
  • Servicing and loan modification
  • Financial education and default avoidance

The CFPB will use the collected input to assist with preparation of a report to Congress on private student lending. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the CFPB and the Department of Education to produce this report by July 21, 2012. The CFPB will also use the information it gathers to prioritize its own regulatory and education work."

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NAFCU will be hosting a December 14, 2011 webcast on the latest updates to the FFIEC Guidance on Authentication in an Internet Banking Environment presented by Randy Romes of LarsonAllen, LLP.  

The presentation will include information on the recent update, case studies on fraud events as well as a discussion of the evolution of threats, including interactions with members through Internet banking, telephone and e-mail.

The full information is available here.  Save $100 by signing up by December 7, 2011.  

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