In a letter, the Student Borrower Protection Center (SBPC) called on the Consumer Financial Protection Bureau (CFPB) to initiate long-overdue supervision of Accenture Federal Services (Accenture). Accenture is a massive student loan servicer that acts as a key contractor to the Department of Education (ED). In November 2022, Accenture erroneously sent nine million student loan borrowers emails falsely stating that they had been approved for debt cancellation under President Biden’s relief plan. This episode points to the longstanding need for regulators to apply existing consumer protections to Accenture. Accordingly, SBPC’s letter outlines how the CFPB already has the authority and obligation to clarify that Accenture’s size in the student loan servicing market and the risk it poses to borrowers each bring it clearly within the ambit of the agency’s powerful supervisory tool.
Read the Letter: Letter to the CFPB on the Supervision of Accenture
Read the Blog Post: It’s Long Past Due for the CFPB to Bring the Full Range of Student Loan Servicers into its Supervisory Fold