Richard Cordray, the newly minted director of the Consumer Financial Protection Bureau, is ensuring some of the agency’s focus is placed on student debt.
The bureau announced that it will begin taking complaints from Americans who borrowed money to finance their education—whether difficulties in taking out private loans, repaying the debt, or managing loans that have gone into default. The move is a particularly important one for private borrowers as non-bank lenders had little federal oversight and often-lax regulations prior to Congress passing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Campus Progress spoke with Cordray and the agency’s new Student Loan Ombudsman, Rohit Chopra, about the complaint system and what the bureau has in the works to help protect the rights of thousands of young Americans who borrow to pay for higher education. The edited interview follows:
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