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Head of Consumer Watchdog Agency Talks Student Lending, For-Profit Colleges

New agency director Richard Cordray holds forth on student loans, predatory lenders, and the unsavory tactics of some for-profit educators.

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CP: What else is on the bureau’s radar that might also help young people, aside from tackling the student loan debt problem?

Chopra: Looking at all the financial products that affect young people in a very holistic approach, and looking at the last two months of what Director Cordray has launched, they are all things that disproportionately affect young people.

He launched an inquiry of overdraft fees that disproportionately affect young people. He has proposed supervising debt collectors, which again touches young people who are saddled with credit card debt or student loan debt. He is making sure that the banks are complying with all the laws and provision including the CARD Act, which makes sure there are no predatory practices that go after college students. It’s not just student loans here—we’re going after every single piece of the puzzle where young people are falling prey. 

 

Naima Ramos-Chapman is an associate editor at Campus Progress.

 
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