In Biden's latest action cracking down on the student-loan industry, the Office of Enforcement will investigate and prevent abuses against borrowers.
The Senate confirmed Rohit Chopra, who used to be a student-loan watchdog, to lead the Consumer Financial Protection Bureau on Thursday.
"It's unacceptable, it's un-American. And at the rate we're going, it's unsustainable," Senate Majority Leader Schumer said on Tuesday.
Federal Student Aid Director Richard Cordray said he plans to hold the remaining student-loan companies to a higher standard.
"The stakes are extremely high" for borrowers who have gotten used to not making any payments on student debt, FSA Director Richard Cordray said.
Federal Student Aid cracked down on several schools, including one that used federal dollars to pay students to clean bathrooms and collect garbage.
The new hires came from the Consumer Financial Protection Bureau that Elizabeth Warren spearheaded to protect student-loan borrowers.
Richard Cordray, head of Federal Student Aid, issued new guidance that would "make it easier" for states to get information from loan servicers.
Borrowers are waiting for action on the $1.7 trillion student-debt crisis, and Richard Cordray's appointment may have just brought it a lot closer.
Sen. Warren, who pushed for his appointment, said he would "apply his fearlessness and expertise to protecting student loan borrowers."
Two people began Monday with the idea that they were serving as acting director of the Consumer Financial Protection Bureau. Leandra English, whom the outgoing bureau chief named the acting director, on Sunday filed a lawsuit to assert her authority. Mick Mulvaney, the White House budget director whom President Donald […]
Both the White House and the outgoing Consumer Financial Protection Bureau director named a new acting director of the agency on Friday. Whether President Donald Trump’s pick, Mick Mulvaney, or the former CFPB director Richard Cordray’s pick, Leandra English, will lead the group is up in the air amid a […]
President Donald Trump and outgoing CFPB director Richard Cordray both named his successor. The opposing sides are now dueling over who has the legal right to do so. The dust-up could lead to two people starting work on Monday believing that they are running the agency. President Donald Trump and […]
Richard Cordray announced he will step...
Richard Cordray announced he would...
Sorry, Wall Street.
He has John McCain to thank.