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CFPB Supervision Report Highlights Risky Practices in Student Loan Servicing

CFPB Oct. 28 2014:

“The Consumer Financial Protection Bureau (CFPB) today
issued a report highlighting illegal actions uncovered by the Bureau’s supervision of the
student loan servicing market. Bureau examiners found that companies engaged in
illegal practices like charging unfair late fees and harassing debt collection calls. Bureau
examiners also found that some mortgage servicers failed to provide critical consumer
protections required by the new CFPB servicing rules that took effect earlier this year.”

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