27 August, 2018

Student Loan Watchdog Quits, Says Trump Administration 'Turned Its Back' On Borrowers

https://www.npr.org/2018/08/27/642199524/student-loan-watchdog-quits-blames-trump-administration
In his resignation, Frotman also accuses the CFPB's leadership of suppressing a report, prepared by his office, revealing new evidence that some of the nation's largest banks were "saddling [students] with legally dubious account fees."

The Trump administration has also taken steps outside the CFPB to curb oversight of the student loan industry. The Justice and Education departments have argued that debt collectors should be protected from state efforts to regulate them. And, earlier this month, Education Secretary Betsy DeVos moved to scrap a rule meant to punish schools where graduates struggle with poor earnings and deep debt. The department defended its decision, saying it would instead give borrowers school performance data so they can decide for themselves what colleges offer the best value.