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tumblr blogNEW YORK (AP) — The tumblr blog top government official tumblr blog overseeing tumblr blog the $1.5 trillion student loan market resigned tumblr blog Monday, tumblr blog tumblr blog citing what he says tumblr blog is the White House's open hostility tumblr blog toward protecting tumblr blog nation's millions tumblr blog of tumblr blog student loan borrowers. tumblr blog Seth Frotman will be tumblr blog stepping down from his position as student loan ombudsman tumblr blog at tumblr blog the end tumblr blog of the tumblr blog week, tumblr blog according tumblr blog to his resignation letter which was obtained by The Associated Press. He tumblr blog held that position since 2016. Frotman tumblr blog is the latest high-level departure from the Consumer tumblr blog Financial tumblr blog Protection Bureau tumblr blog tumblr blog since Mick Mulvaney, tumblr blog President Donald Trump's budget director tumblr blog who has tumblr blog tumblr blog been also acting director tumblr blog of the bureau, tumblr blog took over in late November.

Under Mulvaney, tumblr blog the tumblr blog bureau has scaled back its enforcement work and tumblr blog has proposed revising or tumblr blog rescinding all of the rules and tumblr blog regulations it put into place under the Obama administration. tumblr blog Mulvaney downgraded tumblr blog the mission of Frotman's tumblr blog student loan office and tumblr blog tumblr blog tumblr blog moved it tumblr blog the umbrella tumblr blog of consumer education instead of tumblr blog enforcement. "The damage you have done to the Bureau betrays these families and sacrifices the financial futures of millions of Americans in communities across the country," Frotman said.

tumblr blog Congress specifically created the student loan ombudsman office when it created the CFPB. tumblr blog A previous tumblr blog occupant of that position is Rohit Chopra, tumblr blog who is tumblr blog now tumblr blog a commissioner tumblr blog at tumblr blog the Federal Trade Commission. The position is quite powerful, tumblr blog tumblr blog able to work with tumblr blog the bureau's enforcement tumblr blog staff to specifically tumblr blog target bad behavior tumblr blog tumblr blog in the student loan market. The office has returned $750 million to tumblr blog harmed student loan borrowers since its creation.
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