Random Attacks on the CFPB Continue

The CFPB helps student loan borrowers understand their rights and options. One former Congressman thinks that’s just awful.

Republicans tend to really hate the CFPB (for reasons that I can only assume have to do with the fact that it was a brain child of Elizabeth Warren). While President Obama’s appointed director left the CFPB seven months ago and was replaced by Mick Mulvaney (who has stated publicly that he believes the CFPB is a “sick, sad joke”), Republicans continue to pretend that the CFPB is some kind of unconstitutional, super-liberal, capitalism killer.

Generally, accusations against the CFPB are vague. In some cases they are misleading. In others they are just untrue.

Since its inception, the CFPB focused on the largest consumer debt industries:

At the time that list was complied by the CFPB it was in order of amount of debt. Since that time, student loan debt has surpassed credit card debt. So if this was still an ordered list of priorities of the CFPB it would read:

In a few instances, the CFPB filed enforcement actions against student loan servicers who misapplied payments or violated consumer protection laws (primarily the Fair…

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