The Student Borrower Protection Center sent a letter to Consumer Financial Protection Bureau (CFPB) Acting Director David Uejio urging that any comprehensive analysis and regulatory prioritization focused on removing barriers to societal equity must acknowledge the racially disparate effects of the student debt crisis and the decades-long failure to effectively regulate the student loan industry.
At the start of his tenure, Acting Director Uejio said the agency would prioritize its role in addressing racial inequality as the nation’s top consumer watchdog. The SBPC’s letter comes in response to Uejio directing the Bureau’s Division of Research, Markets, and Regulations to “prepare an analysis of the most pressing consumer finance barriers to racial equity to inform [the Bureau’s] research and rulemaking priorities.”
Read the Letter: Prioritizing the Student Debt Crisis as a Civil Rights Crisis
Read the Blog: The CFPB Must Prioritize the Student Debt Crisis as a Civil Rights Crisis