On Tuesday, October, 16, The Consumer Financial Protection Bureau (CFPB) released the first Annual Report of the CFPB Student Loan Ombudsman. The report focuses on borrowers of private student loans and details many of the challenges they face in repayment. The report compares the student loan market to the mortgage market and highlights similar cases of abuse. According to the report, some borrowers found it difficult to get in touch with lenders in times of crisis, or found that banks were slow to correct errors or apply payments. The report also makes recommendations for Senate and House Committees.