The head of the CFPB says the Education Department is standing in the way of information that regulators need to oversee the nation’s largest student loan servicing companies
by POLITICO last year, orders federal student loan servicers to refuse requests for information from third parties like state attorneys general or the CFPB. The policy says those requests must instead be funneled through Education Department officials in order to comply with federal privacy laws.seeking to investigate or take legal action against student loan servicers.
Hill said the policy prohibiting student loan servicers from responding directly to information requests by the CFPB or other regulators is about protecting the privacy of loan borrowers. Such requests for information “should be made to the Department, where they will be evaluated for compliance with the Privacy Act,” she said.
The department last year also refused a request for information by the CFPB for information about Navient in connection with CFPB's massive lawsuit against the student loan servicer.
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