With the goal of working together more efficiently to resolve complaints and fulfill their respective duties under the law, the CFPB and the U.S. Department of Education recently signed a memorandum of understanding in an effort to better serve student loan borrowers, according to the CFPB.
The memorandum is an agreement that the two 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 the resolution of complaints, the CFPB said in a Feb. 3 press release.
The agreement also provides for the sharing of complaint data analysis, recommendations and analytical tools and defines roles and responsibilities for each agency, the release stated.
“Through this new agreement with the CFPB, we will coordinate our regulatory efforts, avoid needless duplication, and protect student loan borrowers,” said U.S. Secretary of Education Betsy DeVos in the press release.