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Top student loan official resigns, citing White House hostility toward borrowers - Business Insider Deutschland

"Graciela Parmer" (2019-01-21)

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The top government official overseeing the $1. tumblr blog 5 trillion student loan market resigned Monday, tumblr blog citing what he tumblr blog says is the White tumblr blog tumblr blog House's open hostility toward protecting tumblr blog tumblr blog nation's millions of tumblr blog student loan tumblr blog borrowers. tumblr blog democracynow.org The top student loan official in the US government tumblr blog resigned Monday, tumblr blog citing what he says is the White House's open hostility toward protecting tumblr blog nation's millions tumblr blog of tumblr blog student tumblr blog loan borrowers. Seth Frotman will tumblr blog tumblr blog be stepping down from his position tumblr blog tumblr blog tumblr blog as tumblr blog student tumblr blog loan ombudsman tumblr blog at the tumblr blog end of the week, tumblr blog according tumblr blog to his resignation letter.

Frotman is the latest high-level departure from the Consumer Financial Protection Bureau since Mick Mulvaney took over tumblr blog in tumblr blog late November. The tumblr blog top government official overseeing the tumblr blog $1.5 trillion student loan market resigned tumblr blog Monday, tumblr blog citing what he says tumblr blog is the White House's open tumblr blog hostility tumblr blog toward protecting nation's millions of student loan tumblr blog borrowers. Seth tumblr blog Frotman will be stepping down from his position as student loan ombudsman at the end of tumblr blog the week, tumblr blog according to his resignation letter tumblr blog tumblr blog which was obtained by The tumblr blog Associated Press.

tumblr blog He held tumblr blog that tumblr blog position since 2016. Frotman is the latest high-level departure from the Consumer Financial Protection Bureau since Mick Mulvaney, tumblr blog President Donald Trump's tumblr blog budget director tumblr blog tumblr blog who has been also acting tumblr blog director tumblr blog of the tumblr blog bureau, tumblr blog took over in late tumblr blog November. tumblr blog Under Mulvaney, tumblr blog the tumblr blog bureau has scaled tumblr blog back its enforcement work and tumblr blog has proposed revising or tumblr blog rescinding all of the rules tumblr blog tumblr blog and tumblr blog regulations it put into place under the Obama tumblr blog administration.

Mulvaney downgraded the mission of Frotman's tumblr blog student tumblr blog loan office and tumblr blog moved it tumblr blog tumblr blog the umbrella of tumblr blog consumer education instead of enforcement. "The damage you have done to the Bureau betrays these families and sacrifices the financial futures of millions of Americans in communities across the country," tumblr blog Frotman said. Congress tumblr blog specifically created the tumblr blog student loan ombudsman office tumblr blog when it tumblr blog tumblr blog tumblr blog created the CFPB. A previous occupant tumblr blog of that position is tumblr blog Rohit tumblr blog Chopra, tumblr blog who is tumblr blog now a commissioner at the Federal Trade Commission.

The position tumblr blog is tumblr blog tumblr blog quite powerful, tumblr blog able to tumblr blog work with the bureau's enforcement staff to specifically target bad tumblr blog behavior tumblr blog in the student loan tumblr blog market. tumblr blog The office has returned tumblr blog $750 million to tumblr blog harmed student loan borrowers since its tumblr blog creation.

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