Daily Caller:
The Department of Education (DOE) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray Friday afternoon announcing its intent to terminate a data-sharing policy enacted under the Obama administration, according to documents released to The Daily Caller News Foundation.
The DOE and the CFPB entered into an agreement to share data to increase the efficiency of identifying and processing claims of fraud on student loans, specifically for-profit colleges. The goal of the policy was to “collaborate to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints,” related to either their private education loans or Federal Student Aid.
How the relationship was supposed to work was rather simple. The DOE would provide data to the CFPB, which would in turn source through the various complaints. If the agency found a claim or if a student presented them one, the CFPB was supposed to report it to the DOE, which is subject to congressional oversight. The agreement required that the CFPB report “all complaints related to Title IV federal student loans” to the DOE “within 10 days” of its discovery.
What the CFPB actually did was rather different. When a student made a complaint, the CFPB would start processing themselves. The CFPB “has handled such complaints itself.”
I hope Trump has appointed someone to CFPB who intends to eliminate it.
Left Coast Dan
Look up how many different Consumer Protection Agencies at the federal lever we have. It’ll blow your mind. All autonomous. Then stop to think most states have the same crap at the state level. We should be well protected. What a joke.
Bad_Brad – my thoughts exactly. We have duplication of services all the way down to the city level. Silly waste of taxes. It really infuriates me at least once a week! Grrrrrr!!!!!
Good news but do not stop there. Keep killing all of Obozo’s regs.
A simple suggestion: get rid of everybody ever associated with the Obama administration from DC,,
you will be very glad you did!!!!
Despite being such a shiftless, masturbating choomer, obozo sure did manage to identify and accomplish so many regressive initiatives !
Reality: In all levels of government, there are legions of criminals that need incarceration, deportation or execution (for Treason).
Just a reminder that it is Elizabeth Warren’s CFPB has let its refurbishment of a headquarters building it does not own spiral from an initial estimated $55 million to $215 million. The money is being spent on a rooftop kiddie play yard, a finely-decorated new lobby including a waterfall and landscaping.
Warren hand-picked many of the top management. 61% of the workforce or 741 employees make over $100K/yr and one in 4 make more than $150,000/yr – not including benefits and lifetime pensions.
We are talking Barky. Substitute data-sharing with felching sharing.