The swelling trillion-dollar student loan market is missing key data and regulations necessary to head off another financial crisis, according to Rohit Chopra, the Consumer Financial Protection Bureau’s top official in charge of dealing with student loans.

In speaking before the Federal Reserve Bank of St. Louis on Monday, Chopra said it would be “irresponsible for financial regulators” to avoid taking action now to shield the $1.2 trillion student loan debt market from a severe bust. Chopra said regulators could act on a range of options without waiting for Congressional intervention, including requiring lenders to disclose more data and instating policies that encourage the refinancing of student loans.

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