This morning the Trump Admin. announced in an @CFPB staff meeting that it will shutter the @CFPB office dedicated to protecting student loan borrowers. This will affect 44 million people and $1.5T in loans. Reactions to this awful development in this thread:
1/ This @CFPB office helped hold @WellsFargo accountable for illegal student loan debt collection.…
2/ This @CFPB office helped secure $480 million in relief for students from the predatory Corinthian Colleges for-profit school chain.…
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.…
4/ Just yesterday, this @CFPB office was working with disabled vets on student loan problems. Think about that. @potus is taking away a watchdog for disabled student vets. Disabled. Students. Vets.
5/ the @CFPB office they are closing has helped return nearly a billion dollars to ripped-off student loan borrowers.…
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.
9/ I realize that closing the @CFPB students office is only one step in a longer march toward “deregulation.” But shuttering the one office exclusively working on fairness in student lending is simply appalling. It is feckless and wrong. #Shame.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Christopher Peterson

Christopher Peterson Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @PetersonLawProf

Mar 17, 2018
Late Friday @USOCC sneaked out a profoundly troubling one-page order on bank sponsorship of payday loans. The Trump admin is rescinding a 2002 restriction on #RentABank partnerships with the notorious payday lender @ACECash. Reactions in this thread:…
1/ Throughout most of American history nearly every state had state interest rate caps prohibiting payday loans. In 1978 the Supreme Court controversially held the state interest rate cap of a bank’s home state applies when the bank “export’s” its loans across state lines.
2/ This decision sparked a race to the bottom in credit card lending where SD, DE, and UT eliminated their usury laws to attract banking jobs. Now, state usury limits effectively no longer apply to banks. But state usury laws DO apply to payday loan companies.
Read 13 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!