Massachusetts
Audit of the Massachusetts Educational Financing Authority
In accordance with Part 12 of Chapter 11 of the Massachusetts Normal Legal guidelines, the Workplace of the State Auditor has performed a efficiency audit of the Massachusetts Instructional Financing Authority (MEFA) for the interval July 1, 2019 via December 31, 2020. The aim of this audit was to find out whether or not MEFA processed Shopper Monetary Safety Bureau1 complaints and ensured that its pupil mortgage servicer despatched high-profile complaints throughout the required timeframes, in addition to whether or not, earlier than it disbursed pupil mortgage funds, MEFA ensured that the related establishments of upper training had licensed mortgage paperwork.
Our audit revealed no important cases of noncompliance by MEFA that have to be reported below typically accepted authorities auditing requirements.
1. The Shopper Monetary Safety Bureau is a federal company meant to supervise shopper monetary establishments akin to banks, debt collectors, and lenders. Shoppers can file complaints with the bureau for points they expertise with such establishments.