U.S. The Department of Education to establish a Compliance Office within the Federal Office of Student Aid will vigorously investigate and bring actions against schools that deceive students and taxpayers on October 8, 2021 Contact: Press Office, ( 202) 401-1576, PRESS @ ED. GOV
Today, the Department of Education of States United announced the establishment of a compliance office within the Federal Student Aid, directly reporting the Operations Director. The Application Office will strengthen supervision and compliance actions against postsecondary schools that participate in federal student loan programs, grants and work studies. Today's action restores an office that was established for the first time in 2016, but it was prioritized in the previous administration.
"vigorously ensuring that schools adhere to the rules of the Federal Student Assistance Program and the delivery of quality education to students is fundamental in the United States. Possibility of building better," said the Secretary James Kvaal. "The Administration will prioritize the effective supervision and compliance of postsecondary schools."
The Compliance Office will be directed by Kristen Donoghue, such as the director's executive director, who will directly inform the director of operations of the FSA Richard Cordray. Donoghue joined FSA in July as the main advisor to the Director of Operations, which provides a large amount of employment and leadership experience. Donoghue previously served as Compliance Director of the Consumer Financial Protection Office (CFPB), where he directed an office of 140 people responsible for the application of federal financial financial laws that cover a range of financial services companies, including The largest banks in the country.
Under his leadership, the CFPB followed hundreds of research and presented numerous meaningful actions of compliance with the public application, including the greatest penalty of civil money in the history of the CFPB, a fine of $ 1 billion Against Wells Fargo. More recently, Donoghue served as administrative vice president in capital One Bank, where she directed a team focused on legal and regulatory compliance.
"Kristen brings a strong history of compliance to this role," said official header Richard Cordray. "His experienced her leadership of her will lead to greater liability surrender for schools and best educational results for students we serve."
The Compliance Office will proactively identify and address the main problems in institutions that raise widespread risks for students and taxpayers. The Office will work closely with the participation and Office of Supervision of Partners in an approach based on risk for supervision and compliance. You will understand four existing divisions:
