“A new Government Accountability Office (GAO) report released on Monday calls on the Department of Education’s Office of Federal Student Aid (FSA) to improve the consistency of its oversight of lending partners to better protect the personally identifiable information (PII) of students.”
“… FSA also required loan servicers and private collection agencies to test a subset of security controls quarterly and all controls at least once every three years, but did not specify which controls must be tested. “Without fully establishing policies and procedures for ongoing monitoring of security controls implemented by loan servicers and private collection agencies, FSA has less assurance that these controls are effectively implemented and operating as intended,” the report stated.”
“In its recommendations, GAO called on FSA to enroll loan servicers and collection agencies in its continuous monitoring program, establish a process to monitor guaranty agencies’ security controls, and develop procedures to…” Read the full article here.
Source: GAO: More Info Security Oversight Needed for Student Loan Providers – September 17, 2018. Meri-Talk.