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Betsy DeVos pulls back protection for student loan borrowers

The Trump Administration’s stated goal is to deconstruct the administrative state.  

In layman’s terms, this means creating a government that does, and is able to do, less for you.

Today’s example comes from the Department of Education, which until this month, had an agreement with the Consumer Financial Protection Bureau.  The two agencies would share information and cooperate on enforcement of regulations.  Sounds like something government agencies should do, right?

Betsy DeVos doesn’t think so.  Last week, the Department of Education suspended its agreement with the CFPB, effectively leaving student loan borrowers with less protection, and leaving both agencies less able to police borrowers, spot trends in enforcement, and hold companies accountable.

If you are wealthy and believe that government regulations fundamentally strangle your ability to amass more wealth, this makes sense.  If you need to borrow money to attend college and work toward a decent paying job, this is lunacy.

For more information about this story, visit NPR.

Call this office:  Department of Education,  800-872-5327

Script:  Hello, my name is [NAME] and I am calling from [ADDRESS].  I disagree with the Department’s recent decision to suspend its collaboration with the Consumer Financial Protection Bureau.  Millions of Americans must borrow money to attend college and pursue good paying jobs, and they deserve the strongest protections from predatory lenders.  I expect the Department of Education to serve the interests of these students, not the banks that try to profit from them.  I encourage strong collaboration between the Department of Ed. and the CFPB in order to prevent the kind of irresponsible banking practices that nearly brought down the economy in 2008.  How are you planning to protect students from predatory lenders?

 

 

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