Thread by @PetersonLawProf

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. 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…

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.

External Tweet loading...
If nothing shows, it may have been deleted
by @studentvets view original on Twitter

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.

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.