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CFPB, Dept. of Ed Sign MOU to Better Serve Student Loan Borrowers
On Monday, February 3, 2020, the Bureau and the U.S. Department of Education ED announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers, and available information about resolution of complaints. The MOU also provides for the sharing of complaint data analysis, recommendations, and analytical tools.
"This agreement concerning student loan complaints will protect students as both the Bureau and the Education Department work to resolve their complaints. This MOU provides a robust framework that allows for the staff at both agencies to work together to provide better outcomes for consumers," said CFPB Director Kraninger.
"All student loan borrowers, whether they have a Federally-held or private student loan, deserve world-class service and quick resolution when facing issues. Through this new agreement with the CFPB, we will coordinate our regulatory efforts, avoid needless duplication, and protect student loan borrowers," said U.S. Secretary of Education Betsy DeVos.
To view the MOU please click here: https://files.consumerfinance.gov/f/documents/cfpb_ed-memorandum-of-understanding_student-loan-borrowers_2020-02.pdf