On 2/3/2020, the Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a renewed coordination agreement - through a Memorandum of Understanding (MOU) - in order to better serve student loan borrowers. In doing this, the agencies will share complaint information from borrowers and regularly to discuss observations about the nature of complaints received, characteristics of borrowers, and available information about resolution of complaints. The MOU more clearly defines roles and responsibilities for each agency and also allows for subject matter experts from both agencies to work together more efficiently to resolve complaints and fulfill their respective duties under the law.

As we have seen a trend where the CFPB has been focusing efforts on protecting students and education debt, this renewed MOU reiterates the Bureaus continued focus in this area.

The full MOU can be viewed here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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