"Nothing in life is to be feared. It is only to be understood."
The Department Of Education Cuts Off A Student Loan Watchdog
Source Date:
Wednesday, September 20, 2017
Categories:
The letters "CFPB" may not be much more than alphabet soup to your average student loan borrower. They stand for Consumer Financial Protection Bureau, a new-ish federal agency — created in 2011 — with a unique mission and a big effect on student lenders and for-profit colleges accused of defrauding or otherwise mistreating Americans.
But the U.S. Education Department has just called a halt to the enforcement collaboration between itself and CFPB. This move leaves 44 million student loan borrowers, owing $1.4 trillion in debt, with potentially less, or at least less-coordinated, oversight of their rights.