The director of the Consumer Financial Protection Bureau says the Trump administration’s Education Department is getting in the way of efforts to police the student loan industry. The revelation, in a letter obtained by NPR, comes at the same time that lawsuits allege widespread wrongdoing by student loan companies is costing some borrowers thousands of dollars.
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Kraninger, currently a mid-level executive in the Office of Management and Budget, was an unknown before Trump’s nomination. She works directly under Mick Mulvaney, who is both Trump’s budget director.
But when the CFPB tried to get records from student loan servicers like Navient and Nelnet, they "declined to produce information requested by the Bureau for supervisory examinations related to. loans held by the Department" of Education, wrote Kraninger. And the loan servicers’ refusal to cooperate, she wrote, was "based on the.
At the same time, Kraninger also explained that the Education Department has created obstacles that are getting in the way of the CFPB doing its job. In addition to the guidance to student loan servicers that is impeding oversight efforts, back in 2017, the Trump administration’s Education Department that it had with the CFPB.
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Hensarling, who has led Congress’ efforts to cripple or eliminate the CFPB on behalf of business interests, said it was “most welcome” that the Education Department would reduce federal oversight of.
Kraninger cites DoE obstacles to examinations Friday, May 17, 2019 consumer financial protection bureau director Kathy Kraninger’s revelation that student loan servicers have been refusing to cooperate with the CFPB, citing policy guidance issued by the Department of Education, is not sitting well with Democrats.
At the same time, Kraninger also explained that the Education Department has created obstacles that are getting in the way of the CFPB doing its job. In addition to the guidance to student loan servicers that is impeding oversight efforts, back in 2017, the Trump administration’s Education Department ended information sharing agreements that it.
Because her experience, instead, is in budget management and in serving at the Department of Homeland Security. For that reason, outside consumer groups that favor a stronger CFPB have criticized.
Now Kraninger, the administration’s hand-picked director for the bureau, is pointing the finger, albeit in a less dramatic way, at the Education Department for hindering efforts to protect student.
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