CFPB fails to issue required report on complaint from student borrowers

The Consumer Financial Protection Bureau is required by statute to prepare an annual report on student borrowers’ top complaints. In previous years, the CFPB has submitted the report to Congress in October. This year, it did not do so and has yet to do so.

MarketWatch reports that "[t]The CFPB skipping the report isn’t a sign that student-loan borrowers have stopped submitting complaints. Since September 2017 — about a month before the agency last published its annual analysis of student debt complaint data — consumers have submitted more than 13,000 complaints about student loan products, according to a report released Tuesday by the Student Borrower Protection Center, an advocacy organization founded earlier this year by former CFPB staffers"

Understanding and highlighting these patterns can in some cases lead to help for borrowers. As of October 2017, the CFPB managed to get $750 million-worth of relief for borrowers, thanks in part to the complaints.

The full article is here.

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