{"id":85819,"date":"2017-10-25T13:33:09","date_gmt":"2017-10-25T17:33:09","guid":{"rendered":"http:\/\/madisoncountycourier.com\/?p=85819"},"modified":"2017-10-24T17:06:02","modified_gmt":"2017-10-24T21:06:02","slug":"schneiderman-led-bipartisan-coalition-of-25-ags-calls-on-devos-to-reject-student-loan-service-industry-demand-for-immunity-from-state-law-oversight-enforcement","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=85819","title":{"rendered":"Schneiderman-led bipartisan coalition of 25 AGs calls on DeVos to reject student loan service industry demand for immunity from state law oversight, enforcement"},"content":{"rendered":"

\"\"In Letter To DeVos,\u00a0Officials From\u00a025\u00a0States\u00a0Oppose Improper Industry Attempt To Sideline State Regulators Amid Student Loan Crisis<\/i>\u00a0<\/span><\/p>\n

Schneiderman:<\/i>\u00a0Protecting Student Loan Borrowers\u00a0Is\u00a0Something We Can All Agree On, Regardless of Party Or Ideology<\/i>\u00a0<\/span><\/p>\n

Attorney General Eric T. Schneiderman today led a\u00a0bipartisan\u00a0coalition of Attorneys General\u00a0and officials representing\u00a025\u00a0states\u00a0in a letter to Secretary Betsy DeVos urging the U.S. Department of Education to\u00a0reject the campaign by\u00a0student loan servicers and debt collectors\u00a0to\u00a0dismantle state oversight of the student loan industry.\u00a0In recent years, state AGs have investigated a number of significant, far-reaching problems in the student loan industry and won settlements returning tens of millions of dollars to student borrowers.<\/span><\/p>\n

In response, leading industry groups have begun lobbying the Department to block or \u201cpreempt\u201d state-led efforts to\u00a0combat\u00a0potential and ongoing\u00a0abuses by\u00a0student loan servicers. As the AGs explain in today’s letter, the Department\u00a0lacks\u00a0the legal\u00a0authority\u00a0to block state oversight and any attempt to\u00a0sideline\u00a0effective\u00a0state oversight\u00a0amid\u00a0the mounting student loan crisis would\u00a0only\u00a0put students and borrowers at risk.<\/span><\/p>\n

\u201cState Attorneys General from across the country have put tens of millions of dollars back into the pockets of student borrowers,\u201d said\u00a0<\/span>Schneiderman. \u201cToday, I\u2019m proud to lead a coalition of Attorneys General from red and blue states to fight back against\u00a0an\u00a0industry that is still in urgent need of reform.\u00a0We cannot allow\u00a0student loan servicers to sidestep\u00a0state law\u00a0and\u00a0oversight and deny\u00a0students and borrowers\u00a0these\u00a0vital protections from student loan abuses.\u201d<\/span><\/p>\n

Major state-led investigations of student loan servicers have recently included:<\/span><\/p>\n