Acting Consumer Financial Protection Bureau director Mick Mulvaney told staff Wednesday that he would be reorganizing it to diminish what was known as the Office of Students and Young Consumers.

That office will be folded into the bureau’s office of financial education, a move that could have implications for oversight of the $1.5 trillion student loan market and the watchdog agency’s efforts to regulate lenders and servicers — including its lawsuit against the servicer Navient, which it has accused of cheating borrowers.