The Department Of Education Cuts Off A Student Loan Watchdog
The education department has terminated two agreements with the Consumer Financial Protection Bureau. Here's why that matters.
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 â created in 2011 â with a unique mission. This "soup" packs a powerful punch for 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 that previously existed between itself and CFPB. This move leaves 44 million student loan borrowers, owing $1.4 trillion in debt, with potentially less, or
