Consumer bureau, Education Department sign MOU outlining info-sharing on student loan complaint data, more

A new “coordination” agreement that provides for information sharing and the sharing of complaint data analysis, recommendations, and analytical tools regarding student loans was signed Jan. 31 by the Consumer Financial Protection Bureau (CFPB) and Department of Education.

The new MOU provides that the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics of borrowers, and available information about resolution of complaints, the bureau said in a release Monday. The bureau said the document also more clearly defines roles and responsibilities for each agency; and allows for subject matter experts from both agencies to work together more efficiently to resolve complaints and fulfill their respective duties under the law.

Consumer Financial Protection Bureau and U.S. Department of Education Sign Memorandum of Understanding to Better Serve Student Loan Borrowers