Bureau seeks comments again on student loan servicing metrics

Comments on CFPB quarterly data collection on aggregated student loan servicing metrics and borrower outcomes from student loan servicers are due Oct. 10, under a notice published Wednesday in the Federal Register.

The bureau, in its Register posting, stated that the data collection (which it first announced and advertised in early February for a 60-day comment period) is intended to help it carry out the market monitoring goals mandated for the agency under the Dodd-Frank Wall Street and Consumer Protection Act.

The latest 30-day comment period is a continuation of the February information collection, according to the bureau. Like the earlier comment collection, this latest one seeks information in four areas:

  • Whether the collection of information is necessary for the proper performance of the functions of the bureau, including whether the information will have practical utility;
  • The accuracy of the bureau’s estimate of the burden of the collection of information, including the validity of the methods and the assumptions used;
  • Ways to enhance the quality, utility, and clarity of the information to be collected; and
  • Ways to minimize the burden of the collection of information on respondents, including by automated collection techniques or other forms of information technology.

Twenty-two comments were submitted in response to the February comment call, with both support and opposition to the data collection.

Federal Register: Comments requested on student loan servicing metrics