Maxine Waters and Bobby Scott Lead Letter to DeVos Defending CFPB
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Congressman Bobby Scott (D-VA), Ranking Member of the House Education and Workforce Committee, and a total of 39 bicameral members of Congress on Friday called on Education Secretary Betsy DeVos to reverse her decision to stop cooperating with the Consumer Financial Protection Bureau (CFPB). Several weeks ago, the Department of Education sent a letter to the CFPB taking exception to the agency unilaterally expanding its oversight role to include the department’s contracted federal loan servicers. “The CFPB is using the Department’s data to expand its jurisdiction into areas that Congress never envisioned,” the letter read. The members of Congress continued, “Without CFPB oversight, we are deeply concerned this backward step will allow student loan servicers to more easily take advantage of borrowers.” Read the full letter and see what other Members signed here.