Seth Fortman, the student loan watchdog at the Consumer Financial Protection Bureau, resigned Monday in a scathing letter to acting director Mick Mulvaney (pictured). The consumer protection bureau, created as part of Congress’s response to the 2008 financial crisis and Great Recession, has long been a target of Republicans. The student loan ombudsman office was created to oversee the $1.5 trillion student loan market. He wrote that the bureau has “abandoned its duty to fairly and robustly enforce the law,” undermining career staff as they try to investigate the student loan market. One of the people familiar with his thinking said this is a reference to a pending lawsuit against Navient, one of the nation’s largest student loan servicing companies.

Source: Washington Post August 27, 2018 16:35 UTC