Robert G. Cameron has been appointed to serve as the Consumer Financial Protection Bureau’s (CFPB) private education loan ombudsman.
Cameron joins the CFPB from the Pennsylvania Higher Education Assistance Agency, where he was a high-ranking official responsible for litigation, compliance, and risk mitigation efforts.
In his new role officials said Cameron would be responsible for receiving, reviewing and attempting to resolve complaints from private student loan borrowers while also compiling and analyzing complaint data on private education loans and making appropriate recommendations to the Secretary of the Treasury, the Bureau Director, the Secretary of Education and Congress.
Consumer Bankers Association (CBA) President and CEO Richard Hunt said the organization is pleased the CFPB has filled the role and believes it should remain separate from the Office of Students.
“CBA looks forward to working with Mr. Cameron to help improve the student lending marketplace to benefit all borrowers,” Hunt said. “Through responsible lending practices and a 98 percent repayment rate, private student loans set students up for success. We believe there is a role for the federal government to help families most in need, but the current system has led to increased tuitions and double-digit default rates.”
The Dodd-Frank Act gave the Treasury secretary, in consultation with the CFPB director, the authority to designate the ombudsman.
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