05.09.18

Rep. Takano Statement on Mulvaney’s Unconscionable Decision to Close the Office for Students at the CFPB

Washington, D.C. – Rep. Mark Takano (D-Calif.) released the following statement in response the announcement from Acting Director Mick Mulvaney to shut down the Consumer Financial Protection Bureau’s (CFPB) Office for Students and Young Consumers.

“The Office for Students and Young Consumers is a vital resource we should be expanding rather than closing. It is the only entity within the federal government entirely focused on protecting young consumers. To date, it has helped return over $750 million to defrauded student loan borrowers.

“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.

“The level of student debt owed in the United State just rose to $1.5 trillion, affecting our country for generations to come. Over 11 million Americans are in default or past due on their student loan payments exacerbating inequality by damaging credit, and delaying homeownership. Instead of taking steps to address this crisis and protect these students, Mick Mulvaney and the Trump Administration are abandoning them.”

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