Seth Frotman, Student Loan Watchdog Quits, Slams Trump Admin
Seth Frotman — the official federal official in charge of protecting student borrowers from predatory lenders — slammed Mick Mulvaney, head of the Consumer Financial Protection Bureau (pictured), in a scathing resignation letter.
Frotman, the former Student Loan Ombudsman, said the current leadership “has turned its back on young people and their financial futures,” notes NPR:
Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting. Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America…
[T]he Bureau’s current leadership folded to political pressure … and failed borrowers who depend on independent oversight to halt bad practices.
Mulvaney once called the Consumer Financial Protection Bureau “a joke … in a sick, sad kind of way” because, he falsely claimed, it often acted above the law with no accountability to Congress.
(Source: NPR, Photo Credit: CBS News)