A multi-state coalition of state financial regulators have urged the new US Secretary of Education to reverse policies that interfere with states' ability to regulate student loan servicing companies. Some states require private loan servicers to obtain licenses and follow specific rules to do business in their state. One policy put in place by the former administration asserted that federal law preempts state regulation of the companies, and another allowed student loan servicers to deny states' requests for information.
March 17, 2021
