b'Student Lending Actions by Year Number of Actions Amount of Recovery 18$986.9M12 1210 $204.1M $96.0M 7$42.0M $368.1M 9$54.6M2016 2017 2018 2019 2020 2021borrower confusion and borrower harm are mostlyprepared for increased scrutinyespecially with known, and thus, they can be planned for and thenrespect to the following issues: (1) marketing of private mitigated. The CFPB further cautioned that planningstudent loan interest rates that could be perceived as and mitigation efforts must be done at scale and donedeceptive; (2) failing to inform borrowers about their correctly the first time, and that [s]trong leadershipeligibility for Public Service Loan Forgiveness (PSLF), at the servicers is required to navigate through theseor making misrepresentations about the program; transitions. The CFPB proclaimed that [t]hough(3) failing to reverse the negative consequences of these tasks and others may be delegated, ultimateautomatic natural disaster forbearances; (4) failing to responsibility and accountability for the success of thesehonor consumer payment allocation instructions; or transitions cannot be delegated, their preparation,(5) providing inaccurate monthly payment amounts to planning, and execution are leadership responsibilitiesconsumers after a loan transfer. that start and end at the C-suite level, and cautioned [b]eing unprepared for the transitions is unacceptable. 2021 HighlightsThe CFPB report further explained that [a]ccountability starts with the servicers internal systems and controls,President Biden Extends Student Loan Forbearance which are supposed to identify risks and prevent,Period Another 90 Days to May 1, 2022mitigate, and resolve borrower harm before a complaintOn December 22, President Biden and the U.S. is even filed with regulators and that [s]ervicers mustDepartment of Education announced that the Biden be held accountable throughout the pendency of loanadministration will extend the pause on federal student repayment which may be twenty years or more. Finally,loan payments another 90 days to May 1, 2022. The the CFPB reported that it has been collaborating with thepause had previously been scheduled to expire at the U.S. Department of Education and Federal Student Aidend of January 2022, which would also have coincided (FSA) so that these agencies may mitigate and preventwith the massive transfer of Navigant-serviced loans to student harm, and also has been proactively sharingMaximus. The extension was applauded by Democratic complaint information with the FSA pursuant to a 2020lawmakers and progressives, who had been pushing memorandum of understanding.for additional time to assist those still coping with the Servicers planning on servicing federal student loansimpacts of the pandemic. It remains to be seen whether, next year should heed the CFPBs warnings and become May 2022, payments will in fact restart, or whether 45'