The Department of Education announced Friday it would stop sharing student loan data under an Obama-era agreement with the Consumer Financial Protection Bureau and called that agenda “overreaching and unaccountable.”
In a letter sent Friday to bureau director Richard Cordray, an Obama appointee, Acting Assistant Secretary Kathleen Smith of the Office of Postsecondary Education and Office of Federal Student Aid chief operating officer Wayne Johnson accused the CFPB of interfering with the department’s jurisdiction by getting involved in student loan complaints and said that was creating “confusion” for borrowers.
The bureau, they alleged, has used the data “to expand its jurisdiction into areas Congress never envisioned. This latest expansion is characteristic of an overreaching and unaccountable agency.”
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