#TSRPolitics: One of the top student loan officials in Washington is chucking the deuces. According to NPR News, Seth Frotman submitted his resignation today, claiming that the Trump administration “has turned its back on young people and their financial futures.”
Frotman’s job at the Consumer Financial Protection Bureau was all about protecting student borrowers from predatory lending practices. In his resignation letter, he said the current administration is only working to serve the most powerful financial companies.
“Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting,” he said in a letter addressed to Mick Mulvaney, the bureau’s acting director. “Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America.”
“The Bureau’s current leadership folded to political pressure… and failed borrowers who depend on independent oversight to halt bad practices,” he added.
The switch up is raising questions about the federal government’s ability to protect borrowers and oversee the $1.5 trillion student loan industry.
