Seth Frotman, student-loan ombudsman at the Consumer Financial Protection Bureau, is resigning from his post in protest next month. Frotman wrote in a resignation letter, made public on Monday, that the federal watchdog agency had pivoted to serve financial companies instead of the consumers the bureau was charged with protecting.
Frotman has worked as the top student-loan official in the bureau since 2016.
In his letter to Mick Mulvaney, the CFPB’s acting director, Frotman wrote that consumers are no longer the organization’s priority. “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.
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