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Mulvaney Targets CFPB's Student Lending Office In Reorg

May 9, 2018, Law360

Eitan Levisohn is quoted in a Law360 article regarding CFPB Acting Director Mick Mulvaney’s announcement that the Office of Students and Young Consumers “will be folded into” the Office of Financial Education. According to Levisohn, “This [reorganization] does signal a shift that enforcement and rulemaking within the student lending space is not the emphasis, while disclosure and consumer information may get renewed emphasis.”

He also notes that the change in emphasis could lead some of the experts within the Students office to depart from the agency, if they haven’t already. That could leave the CFPB with less insight about the student lending market, particularly in light of the U.S. Department of Education’s termination of its memoranda of understanding with the agency, Levisohn says. “The loss of the [memoranda of understanding], the loss of the strong knowledge experts there, and the refocus away from advocacy and to information will probably result in fewer cases being generated because there’s not the same information flow to the office of enforcement,” Levisohn adds. “There’s not the same advocacy within the institution of people seeking out issues in the student lending space and raising them to the office of enforcement.”

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