Consumer Regulator Considers Student Loan Rules To Fix 'Widespread Failures'

The federal Consumer Financial Protection Bureau said Tuesday it is weighing new rules governing the $1.3 trillion student loan market after releasing a stinging report documenting "widespread failures" in an industry largely overseen by the Obama administration. The consumer bureau's report describes student loan servicing, or the business of collecting borrowers' monthly payments and counseling them on their repayment options, as riddled with unfair and Kafkaesque practices. Many borrowers ar...