WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement following the announcement that the Consumer Financial Protection Bureau would dissolve its Office of Students and Young Consumers. The Office of Students and Young Consumers was created to support the mission of the Student Loan Ombudsman, a position that Senator Brown fought to have included as part of the agency’s creation.
The Student Loan Ombudsman and Office of Students and Young Consumers empower and inform students on safer financial products and options including student loans. Senator Brown believes that the career staff in the Office of Students should be left alone to continue doing their jobs, rather than being attacked by Mick Mulvaney and political appointees that don’t believe in the CFPB’s mission.
“A million student loan borrowers default every year – that’s 3,000 defaults every day. For the last six years, the CFPB has held companies like Navient and Corinthian Colleges accountable when they defraud students and servicemembers,” Brown said. “Mick Mulvaney has defaulted on his obligation to help the thousands of Americans who are struggling with unfair student loans. The President should quickly nominate a Director with bipartisan support and a track record of strong consumer advocacy.”