Another Resignation- Consumer Financial Protection Bureau
Seth Frotman has a tough job; protecting students as the student loan crisis worsens.
Frotman, from the Consumer Financial Protection Bureau, submitted his letter of resignation this week, heavily criticizing President Trump’s administration and Mick Mulvaney, the Director of the Bureau.
Frotman accuses the Trump Administration and Mulvaney of having –“turned its back on young people and their financial futures.”
“Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting.” Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America.”
How bad is it? Under Trump’s administration, the U.S. Department of Education announced that it would stop sharing information with the Bureau.
Frotman even accuses the Bureau of a cover-up with a report that student loan lenders were charging potentially illegal fees to students.
Alexander Hernandez, Esq.
Student loan debt is increasing by as much as $30 billion each quarter and is predicted to hit $2 trillion by 2021.
Student loan debt is estimated at $1.5 trillion, and with the costs of education increasing, so will the national debt.
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