House Financial Services Chairman Jeb Hensarling (R-Texas) praised Education Secretary Betsy DeVos for refusing to cooperate with the CFPB and said he hopes it sets an example for other federal agencies.
"Congress never authorized or intended the CFPB to be the regulator of educational services, yet the CFPB entered the field regardless," Hensarling said in an Oct. 13 letter to DeVos.
Last month, the Education Department sent a letter to CFPB Director Richard Cordray stating it no longer would share servicer information with the agency. Education officials contended the agency had unilaterally expanded its powers over loan servicers. The letter stated the Education Department has sole authority over the student loan programs.
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