This story appeared in Bank Digest.
Several Congress members have issued statements following the announcement that the Consumer Financial Protection Bureau intends to dissolve its Office of Students and Young Consumers, which was created to support the mission of the CFPB's Student Loan Ombudsman, according to a press release by Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio). The release said the office and the Student Loan Ombudsman empower and inform students on safer financial products and options, including student loans.
In his statement, Brown said that CFPB Acting Director Mick Mulvaney "has defaulted on his obligation to help the thousands of Americans who are struggling with unfair student loans." Similarly Sen. Brian Schatz (D-Hawaii) said the decision "is a total dereliction of duties by the CFPB."
According to House Financial Services Committee Ranking Member Maxine Waters (D-Calif), "The closing of the Office of Students and Young Consumers is deeply concerning and will most certainly set back the progress the Consumer Bureau had made to protect our nation's students and consumers."