21 states to DeVos: Stop blocking our efforts to crack down on student-loan companies

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In a letter, nearly two dozen attorneys general argue a policy quietly implemented by the Department of Education is ‘harming student-loan borrowers nationwide’

The top law enforcement officials in 21 states are accusing Betsy DeVos’s Department of Education of blocking them from accessing information they say they need to hold student-loan companies accountable for allegedly harming borrowers.

In the past, state AGs have been able to access records related to the federal student-loan program. That policy is a “sharp departure” from the way the agency has historically approached releasing this information to law enforcement officials, the AGs wrote. They also argue it’s getting in the way of their ability to enforce consumer-protection laws, and “shields unprincipled industry actors” from state regulators, “harming student-loan borrowers nationwide.

“Federal loans are federal assets and, therefore, must be controlled and regulated by the federal government,” she wrote, adding that “a piecemeal, state-by-state approach” to regulating student loans creates confusion for borrowers and makes administration of the program more confusing and costly. ‘Blocking law enforcement access in this way appears to help the fraudsters far more than the public interest.’ – Peter Swire, privacy law expert The letter is the latest development in an ongoing battle between states, the federal government and student loan companies over states’ role in regulating the firms. The companies, which are typically borrowers’ main point of contact when repaying their student loans, are also in many cases contractors of the federal government.

Seeing what they viewed as a void in oversight of student-loan firms, lawmakers in states across the country have worked over the past few years to pass laws that would require student-loan companies to have a license to operate in their state.

 

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What swamp? 🤦🏼‍♂️

Sociopath parasite = BetsyDeVosED nyse

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 /  🏆 3. in TH

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