The Consumer Financial Protection Bureau (CFPB) was established in the wake of the Great Recession of 2007–2008 to regulate financial service companies, including student loan servicers. Indeed, in its early years, the CFPB went after student loan giants like Navient and National Collegiate Student Loan Trust. NPR is reporting that in 2018, the CFPB made significant efforts to crack down on student loan servicers’ mishandling of the Public Service Loan Forgiveness program. The Department of Education has defended its actions, arguing that it oversees and regulates its student loan servicers and holds them accountable. Without independent oversight and enforcement, the student loan servicing system may never be fixed.

Source: Forbes October 17, 2019 18:22 UTC