On July 20, Under Secretary Ted Mitchell of the U.S. Department of Education sent a memo to the Federal Student Aid Chief Operating Officer containing policy directives intended to “strengthen student loan servicing.” Developed in consultation with the CFPB and the Department of the Treasury, the memo provides direction in the following five areas: (i) economic incentives, directing the FSA to use “incentives that encourage servicers to help borrowers stay on top of their loans and avoid default while avoiding fixed-fee structures that create a disincentive to help struggling borrowers”; (ii) accurate and actionable information about account features, borrower protections, and loan terms; (iii) consistency in communications; (iv) accountability, directing the FSA to “step up monitoring of servicing vendors and to integrate complaint resolution into the oversight of those vendors”; and (v) loan data transparency. Commenting on the policy directives outlined in the memo, CFPB Director Richard Cordray noted that the joint servicing standards are intended to increase consistency, transparency, actionability, and accountability in the student lending marketplace.