Student Loan Servicer Reporting RAC

The Student Loan Ombudsman has found that the current reporting metrics which student loan servicers must meet as part of their application is insufficient to best serve Oregon borrowers. The purpose of this rulemaking is to expand the metrics and data points servicers would be required to report to the Department of Consumer and Business Services (DCBS) as part of their application process. Suggested new reporting requirements include wait times for customer service contacts; wait times for addressing borrower inquires, and complaints including electronic communications; number of contacts via chatbot; payment processing times; and number of borrower complaints received. DCBS would also like to change the rule for liquidity to be a percentage of the unpaid principal balance will bring Oregon law in line with industry standards and other states, like Washington.

Rulemaking updates

Updates on the rulemaking process will appear here once Notice of Proposed Rulemaking has been filed.

• Hearing Officer Report
• Permanent filing
• Notice of Proposed Rulemaking
  

Public comment letters

• Public comments will be posted as they become available.

Committee Contacts

Teddy Badege
Policy Analyst
tewodros.badege@dcbs.oregon.gov
Phone: 971-374-3721

Karen Winkel
Rules Coordinator
Karen.J.Winkel@dcbs.oregon.gov
Phone: 503-947-7694