Dept of ED Throws Consumers Under the Bus
The Department of Education barely bothers to pretend it has the best interests of student loan borrowers in mind anymore. In announcing its intent to cut the Consumer Financial Protection Bureau out of federal student loan servicing oversight, ED admits that it is declawing the CFPB because the CFPB had the nerve to actually handle borrower complaints. How dare it?
In a half-hearted attempt to spin its obviously anti-consumer announcement, ED asserts that the CFPB's efforts on behalf of borrowers add "confusion". Well, thanks for setting us straight, ED. The Department of ED isn't going to make student loan servicing companies treat borrowers fairly, and they aren't going to let anyone else do it either.
Read ED's Notice of Intent to Terminiate Memoranda of Understanding
