The Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a new coordination agreement in order to better serve student loan borrowers, according to a CFPB press release. Under the newly signed Memorandum of Understanding (MOU) 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 MOU also provides for the sharing of complaint data analysis, recommendations, and analytical tools. The MOU also more clearly defines roles and responsibilities for each agency. The MOU also allows for subject matter experts from both agencies to work together more efficiently to resolve complaints and fulfill their respective duties under the law.
