Statement from Mike Pierce, executive director of the Student Borrower Protection Center and a former senior regulator for the student loan industry at the Consumer Financial Protection Bureau (CFPB):
“For more than a decade, the CFPB has taken on big fights with powerful financial companies and stood up for working people. Because the Bureau has been so effective, it has become a favorite punching bag for Wall Street and their army of lawyers and bought-and-paid-for judges. Today’s decision has nothing to do with fairness or justice—this is a raw game of reactionary politics played by people who want to keep families trapped in debt.”
About Student Borrower Protection Center
The Student Borrower Protection Center (SBPC) is a nonprofit organization focused on alleviating the burden of student debt for millions of Americans. The SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students.