Home News CFPB Chief Says Education Department Is Blocking Student Loan Oversight – NPR

CFPB Chief Says Education Department Is Blocking Student Loan Oversight – NPR

14
0

The director of the Consumer Financial Protection Bureau says the Trump administration’s Education Department is getting in the way of efforts to police the student loan industry. The revelation, in a letter obtained by NPR, comes at the same time that lawsuits allege widespread wrongdoing by student loan companies is costing some borrowers thousands of dollars.

CFPB Director Kathy Kraninger explained the problem in an April letter responding to questions from Sen. Elizabeth Warren and other lawmakers about whether the federal regulator had “abandoned its supervision and enforcement activities” related to more than $1 trillion in student loans.

A central issue is that companies that manage student loans, known as student loan servicers, are refusing to share information that the CFPB says it needs to perform proper oversight.

View Original Source

(14)

tags:

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *