Closing the CFPB’s Office for Students is Reckless and Harmful
Democrats Stand Up for Students Borrowers
his morning, the Trump administration announced it is dismantling the Consumer Financial Protection Bureau office that protects student borrowers from fraud. Roughly 42 million Americans owe more than $1.5 trillion in student loans. Here is how Committee Democrats responded:
Vice Ranking Member Suzanne Bonamici (OR-01): “The Trump Administration has once again shown that it cares more about corporate interests than it does about the interests of students who are trying to afford higher education. Shutting down the Office for Students and Young Consumers will diminish the consumer bureau’s mission and weaken its enforcement capabilities…This reckless and shortsighted decision by the Trump Administration has far-reaching consequences and will harm millions of students who are already struggling with debt or those who are seeking an affordable education.”
Ranking Member Susan Davis (CA-53), Subcommittee on Higher Education and the Workforce: “Shutting down the CFPB’s Office for Students and Young Consumers signals a clear lack of interest in protecting Americans who are looking to better their lives through higher education. At a time when millions face crippling student loan debt, the Office for Students and Young Consumers has played a critical role in holding predatory loan servicers and lenders accountable.”
Ranking Member Mark Takano (CA-41), Subcommittee on Workforce Protections: “It is unconscionable for Mick Mulvaney and the administration to move forward with this plan when there is an urgent need to defend students from the corrupt practices of for-profit colleges and student loan companies. From crippling important consumer protections — like the Borrowers Defense to Repayment rule and the Gainful Employment rule — to now shuttering the Office for Students and Young Consumers, the administration has once again prioritized corporate profits over students."
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