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Nation's top student loan official resigns

A sign stands at the construction site for the Consumer Financial Protection Bureau's new headquarters in Washington, Monday, Aug. 27, 2018. (AP Photo/Andrew Harnik)

The nation's top government official overseeing the $1.5 trillion student loan market is resigning, citing what he says is the White House's open hostility toward protecting student loan borrowers.

Posted: Aug. 27, 2018 2:03 PM

NEW YORK (AP) - The nation's top government official overseeing the $1.5 trillion student loan market is resigning, citing what he says is the White House's open hostility toward protecting 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. He held that position since 2016.

In his resignation letter, Frotman called out Mick Mulvaney specifically, who is President Donald Trump's acting director of the bureau. Under Mulvaney, the bureau has step backed its enforcement of student loans and other financial services.

Frotman said in his letter that the bureau has "abandoned the very consumers it is tasked by Congress with protecting."

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