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Trump Administration Dissolves Students and Young Consumers Division of CFPB

Posted
Press Releases, Health Care, National

FOR IMMEDIATE RELEASE

May 9, 2018

Contact: Paydon Miller
Paydon.Miller@younginvincibles.org | (202) 734-6543

Statement: Trump Administration Dissolves Students and Young Consumers Division of CFPB

[Washington] – Today, Mick Mulvaney, the Acting Director of the Consumer Financial Protection Bureau (CFPB), announced plans to dissolve the Students and Young Consumers Division of the CFPB. The Division was responsible for educating students and young people about how to pay for college, access safer financial products, and manage and repay their student debt. The work the division did with young people also helped the CFPB hold bad actors accountable, including providing student loan borrowers more than $750 million in financial relief through CFPB actions.

In response to Acting Director Mulvaney’s decision, Reid Setzer, Government Affairs Director of Young Invincibles, issued the following statement:

“By dissolving the Students and Young Consumers Division, Acting Director Mulvaney is directly harming the interests of young people. The division was instrumental in helping students and young consumers navigate a confusing and costly system, as well as taking legal action against lenders, predatory for-profit colleges, loan servicers, and debt collectors who misled young people. During a week where national student loan debt hit $1.5 trillion, this sends clear signals that the CFPB is moving in the same direction as the Department of Education under the Trump Administration: away from protecting students and consumers and toward enabling unscrupulous corporations who place profits over young people.”

In addition to supporting the CFPB’s law enforcement work, the Students and Young Consumers Division provided critical support to, and advocated for, students and consumers by:

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