A New Day at the BCFP, or is it the CFPB?
Student Loan Servicing Alliance
Baltimore, MDMembers Kelly Lipinski (Cleveland) and Arthur Rotatori (Cleveland) presented “A New Day at the BCFP, or is it the CFPB?” on May 17, 2018 at the Student Loan Servicing Alliance (“SLSA”) membership meeting, in Baltimore, Maryland. Since 2011, the Consumer Financial Protection Bureau (now known as the Bureau of Consumer Financial Protection) has lead the effort to regulate consumer financial services through examination, supervision, and rulemaking. Acting Director Mick Mulvaney has vowed to revisit the assumptions that many of us have come to rely on from the Bureau. This session explored the state of affairs at the CFPB in a post-Cordray era, with a focus on private student loan servicing. Arthur and Kelly discussed the Bureau’s efforts to evolve, including developments on enforcement and rulemaking and the many Requests for Information that the Bureau has recently issued.