Trump Administration's Student Loan Watchdog Quits In Blistering Resignation Letter
The Trump administration’s top official tasked with protecting student loan borrowers from predatory lenders has quit because the Trump administration does not seem very invested in protecting student loan borrowers from predatory lenders.
In a resignation letter dated today which was first obtained by NPR, Seth Frotman, the Consumer Financial Protection Bureau’s student loan ombudsman, ripped into acting CFPB director Mick Mulvaney and the Trump administration for not doing its job. “After 10 months under your leadership, it has become clear that consumers no longer have a strong, independent Consumer Bureau on their side,” Frotman wrote to Mulvaney.
Mulvaney, who is also the director of the White House Office of Management and Budget, took over as the acting CFPB director last year, a job he went to federal court in order to get. Former CFPB director Richard Cordray, an Obama appointee, resigned last November in order to run for governor of Ohio. Trump picked Kathy Kraninger, one of Mulvaney’s deputies at OMB, to be the permanent chief; last week, her nomination was approved by the Senate Banking Committee.