Seth Frotman just quit.
His job was to look out for students and their loans. He answered questions, resolved issues, and reviewed complaints as part of the Consumer Financial Protection Bureau (CFPB), which is the federal agency in charge of protecting consumers against financial unfairness or deception.
- Student loan debt was $638.9 billion in 2008. Now, it’s about $1.5 trillion. And almost 14 percent of all student loans are either in default or delinquent.
- The CFPB was established in response to the ’08 financial crisis when our government agreed to protect citizens not only from products but also from financial wrongdoing.
- Seth Frotman joins a long list of people pushed out following the change from Obama to Trump, as the current administration seeks to reduce the agency amid concerns that it has overstepped its mandate.