- The Washington Times - Monday, August 27, 2018

The federal official overseeing the $1.5 trillion student loan market submitted his resignation Monday, blaming the Trump administration for abandoning “young people and their financial futures.”

Seth Frotman, who until now was the student loan ombudsman at the Consumer Financial Protection Bureau, accused acting director Mick Mulvaney and the Trump administration of undermining the bureau’s ability to protect student borrowers.

“Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting,” Mr. Frotman wrote in his resignation letter, obtained by NPR. “Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America.”

Mr. Mulvaney, who was appointed as acting director by President Trump in November, has since scaled back the bureau’s enforcement work and shifted Mr. Frotman’s student loan office to focus on information-sharing, rather than investigation, NPR reported.

Mr. Frontman said the “damage” Mr. Mulvaney has done to the bureau “betrays these families and sacrifices the financial futures of millions of Americans in communities across the country.”

Mr. Frotman, who has held his position since 2016, will officially step down at the end of the week, The Associated Press reported.

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