Federal Consumer-Protection Agency Tackles Private Student Loans

The Consumer Financial Protection Bureau is asking students, colleges, and lenders to share information about their experiences with private student loans. The federal agency, which has oversight over most forms of consumer lending, will use the information to prepare a report to Congress on private loans and to “prioritize its own regulatory and education work,” according to a White House news release. “The private student-loan market is one of the least-understood consumer-credit markets,” said Raj Date, a special adviser to the secretary of the treasury. “It has been operating in the shadows for too long.”

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