CFPB Issues Advisory Opinion on Consolidation of Pre-Existing Federal Education Loans
By EsqSocial Corporation 30/12/20
The CFPB recently issued an advisory opinion clarifying that loan products that refinance or consolidate a consumer’s pre-existing federal, or federal and private, education loans meet the definition of “private education loan” under the Truth in Lending Act (TILA) and Regulation Z and are therefore subject to the disclosure and consumer protection requirements in subpart F of Regulation Z. This advisory opinion was issued concurrently with the CFPB’s finalization of its Advisory Opinion...
By: Weiner Brodsky Kider PC