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Department of Education, CFPB in turf war over student loans

Joe Mont | September 6, 2017

The Department of Education has severed an information sharing agreement with the Consumer Financial Protection Bureau that was intended to protect student loan borrowers.

On Aug. 31, Kathleen Smith, acting assistant secretary for postsecondary education, and Dr. A Wayne Johnson, chief operating officer for federal student aid, announced the termination of two Memorandums of Understanding between the agencies “in connection with oversight of federal student loans and “to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or federal student loans.”

“Our goals are to ease the burden for borrowers and to enhance the efficiencies of our servicers, not to complicate the federal student loan process with... To get the full story, subscribe now.