NEW YORK — The top government official overseeing the $1.5 trillion student loan market resigned Monday, citing what he says is the White House’s open hostility toward protecting the nation’s millions of student loan borrowers. Seth Frotman will be stepping down from his position as student loan ombudsman at the end of the week, according to his resignation letter which was obtained by The Associated Press. Mulvaney downgraded the mission of Frotman’s student loan office and moved it the umbrella of consumer education instead of enforcement. Congress specifically created the student loan ombudsman office when it created the CFPB. A previous occupant of that position is Rohit Chopra, who is now a commissioner at the Federal Trade Commission.

Source: Huffington Post August 27, 2018 15:22 UTC