Durbin Statement On Trump Administration Decision To Shutter CFPB Office Designed To Protect Student Loan Borrowers

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today released the following statement after the Trump Administration announced plans to shut down the Consumer Financial Protection Bureau’s (CFPB) Office for Students and Young Consumers:

The Trump Administration’s message to families ripped off by student loan fraud: ‘stop whining.’  Today’s action to dismantle a student loan watchdog office at the Consumer Financial Protection Bureau – which has returned three quarters of a billion dollars to students who had been ripped off – is cold.

The Office for Students and Young Consumers is the only unit in the federal government solely focused on protecting student loan borrowers and young adults from predatory actors in the financial sector.  Since its inception, the Office for Students and Young Consumers has helped return more than $750 million to student loan borrowers.