Monday’s resignation of Seth Frotman, the Consumer Financial Protection Bureau’s student loan ombudsman, should be a scandal of the first order. In an incendiary letter, Frotman claims the bureau’s political appointees are “undercutting enforcement of the law,” ending effective oversight of the student loan industry. He alleges “current leadership” suppressed a staff report documenting “the nation’s largest banks were ripping off students on campuses across the country by saddling them with legally dubious account fees.”

But don’t expect the Trump administration to care. This is exactly what it wants.

It’s not exactly news to report that the CFPB is no longer working on behalf of the millions of Americans it was set up to protect. Ever since President Trump installed his Office of Management and Budget head Mick Mulvaney — a longtime foe of the agency — as acting director, the CFPB has either stopped or downsized investigations into all sorts of financial-sector misbehavior, ranging from payday loans to discriminatory auto lending policies.

https://www.washingtonpost.com/blogs/post-partisan/wp/2018/08/28/the-trump-administrations-scandalous-handling-of-student-loans/?noredirect=on&utm_term=.bcac76ec8626

Loki Liesmith

(4,602 posts)

4. What was the relief vehicle?

Reply to PaulX2 (Original post)

Wed Aug 29, 2018, 02:07 PM

Aug 2018

Public service loan forgiveness?

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