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Have You Filed A Complaint with the Consumer Financial Protection Bureau?

November 18, 2014 | Adam S. Minsky, Esq. Policy & Reform Private Student Loans

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I attended the annual National Consumer Law convention earlier this month in Tampa. It was a great opportunity for a bunch of consumer rights attorneys to get together and chat about consumer issues. Student loans were a huge topic at the convention.

One of the head leaders of the Consumer Financial Protection Bureau (CFPB) attended and spoke at the convention. The CFPB is the relatively new federal watchdog agency tasked with overseeing private and federal student loan servicers. The bottom line is this: the CFPB wants to hear from you.

The CFPB recently set up an online complaint system to start gathering data on student loan servicing problems and to help resolve disputes. Why? Because for real reform to happen, the government needs data. Real, concrete data. What types of problems are borrowers encountering with their student loan servicers? What are the most common issues and disputes? Are there specific problems that are occurring more frequently with a particular type of loan (i.e., private or federal), or with a particular loan servicing company, more than others?

Will filing a complaint with the CFPB fix your student loan problem? Actually, it could. The CFPB does have some enforcement and mediation power under certain circumstances and they may be able to help, particularly with private student loan issues. But filing a complaint will also allow the CFPB to document the problem and gather information. And this type of data gathering is critical in advocating for major systematic reform.

So if you have experienced a problem with student loan servicing (and let’s be honest… you probably have…), please tell the CFPB.

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Policy & Reform Private Student Loans

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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asminsky@minsky-law.com
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Boston, MA 02110

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