A top official at the Consumer Financial Protection Bureau will resign this week amid what he says is the White House’s hostility toward protecting student loan borrowers.
Seth Frotman, a student loan watchdog overseeing the $1.5 trillion market, has been in the job since 2016. He is leaving his position at the end of the week, according to his resignation letter obtained by the Associated Press.
Frotman said in his letter that under CFPB acting Director Mick Mulvaney, the bureau has “abandoned the very consumers it is tasked by Congress with protecting.”
“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,” Frotman said.
Mulvaney took over the bureau in late November, and since then has pulled back on enforcement work and moved to revise or rescinded many of the rules and regulations enforced under the Obama administration.
“The Bureau does not comment on specific personnel matters. We hope that all of our departing employees find fulfillment in other pursuits and we thank them for their service,” a CFPB spokesperson told the Washington Examiner.
