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Foxx Praises Exit of Consumer Financial Protection Bureau in Student Loan Servicing

Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, issued the following statement praising the Department of Education’s decision to end its Memorandum of Understanding with the Consumer Financial Protection Bureau (CFPB) regarding the oversight of student loan servicing:

“Congress bestowed the powers to oversee student loans and student loan servicing solely to the Department of Education, and it was a mistake for the Obama administration to have the Department of Education let the CFPB abuse its privilege on these matters. The Department of Education has made it clear that its partnership with the CFPB is doing more harm than good when it comes to how it can best serve students and borrowers.

“Specifically, the department has shown that a partnership with the CFPB was complicating and undermining its efforts to act in the best interest of borrowers and students. I am pleased that the department is taking its authority back from the CFPB, and remains committed to serving borrowers and students first.”

Click here to read the full letter from the Department of Education. 

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