CFPB Union signs joint statement calling on President-elect Biden to cancel federal student loan debt

The Consumer Financial Protection Bureau's employee union, NTEU Chapter 335, has joined with more than 235 other nonprofit and community organizations in signing this letter calling for President-elect Biden and Vice-President-elect Harris to use executive authority to cancel federal student loan debt on day one of the new administration.

As representatives for CFPB employees, we are familiar with the significant burden that student loan debt places on Americans through our everyday work protecting consumers. We recognize the particular need for relief now more than ever during the economic and unemployment crisis caused by this pandemic. Removing this burden is a necessary step to help correct racial wealth gaps that affect the Americans we work every day to protect as public servants.

Many CFPB workers also experience the burden of growing student loan debt. For years, our union has fought an uphill battle with CFPB to get a student loan repayment program in place for our staff. Getting debt canceled by executive action would be an enormous relief for our workers and would make student loans one less bargaining chip that we have to fight for in our negotiations with CFPB.

We fully support this call to action for Biden to use his executive power to cancel all federal student loan debt on day one of his presidency.