1/ This @CFPB office helped hold @WellsFargo accountable for illegal student loan debt collection. consumerfinance.gov/about-us/newsr…
2/ This @CFPB office helped secure $480 million in relief for students from the predatory Corinthian Colleges for-profit school chain. consumerfinance.gov/about-us/newsr…
3/ This @CFPB office is working to hold student loan debt collectors like @Navient accountable for chronically failing to help borrowers get access to loan repayment and forgiveness programs. consumerfinance.gov/about-us/newsr…
5/ the @CFPB office they are closing has helped return nearly a billion dollars to ripped-off student loan borrowers. consumerfinance.gov/about-us/newsr…
6/ @MickMulvaneyOMB’s decision to shutter the highly effective office first led by @hitchop and now headed by Seth Frotman is going to hurt people. Without a watchdog, many businesses pay less attention to the needs of their customers.
7/ @MickMulvaneyOMB says the office is just being folded into a different office on financial education. But don’t be fooled. This is a move to prevent the students office from working up enforcement cases and other efforts to hold businesses accountable for illegal activity.
8/ All this matters immensely because when borrowers struggle to repay student loans they face special challenges. Unlike mortgages, credit cards and other debts, student loans are not normally dischargeable in bankruptcy. They follow borrowers for life.
