The CFPB announced Tuesday that nonbank student loan servicers will be subject to federal examinations for the first time starting on March 1, 2014.

NAFCU told Credit Union Times that the new rule levels the playing field for credit unions.

“The bureau currently oversees student loan servicing at the largest banks. Today’s rule expands that supervision to any nonbank student loan servicer that handles more than one million borrower accounts, regardless of whether they service federal or private loans,” said a press release from the CFPB.

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