The purpose of this special edition of AAUW Washington Update is to bring you up to speed on the CFPB, why it matters for students, and how you or the students in your life can use the CFPB and its resources to ask questions, tell stories, or submit complaints about student loan practices. We encourage you to familiarize yourself with the bureau and to forward this information on to anyone who would benefit from it.
What is the Consumer Financial Protection Bureau?
The CFPB is a nonpartisan, third-party federal agency tasked with making sure financial products and services, including student loans, work for ordinary Americans. Established by the Dodd-Frank Wall Street Reform Act (S. 3217/H.R. 4173) passed last year, the bureau has an opportunity to streamline and clarify regulations surrounding student loans and other financial tools, and help shine sunlight on the complex world of financial services.
Why does the CFPB matter for students?
Student loans are a critical tool for bringing the promise of higher education within reach for Americans of all ages. The CFPB will take a threefold approach to helping students and their families make informed decisions about loans and protecting them from unfair practices. First, the bureau will educate the public so they know the prices and risks of financial tools and student loans upfront. Second, it will gather, analyze, and disseminate data about loans so the government understands the needs of the public. Third, the CFPB will be engaged in enforcement of consumer protection laws, both to prevent abusive or unfair lending practices and to provide resources for victims.
Two student financial protection tools available on CFPB’s website:
Tell Your Story – Use the page found here to tell the CFPB about your experience with student loans. Collecting stories of both good and bad experiences helps to provide context to Americans’ borrowing habits and informs the bureau’s future data collection priorities.
Submit a Complaint – Use this helpful tool to submit a complaint when possible or to find the contact information for the correct agency in your state.
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