A top watchdog for student loans has resigned, saying the Consumer Financial Protection Bureau is siding with corporations against students.
Seth Frotman, formerly the top federal consumer watchdog for student loans, resigned this week.
Frotman wrote in his resignation letter that the Bureau has been used “to serve the wishes of the most powerful financial companies in America.”
Frotman blamed the head of the Bureau, Mick Mulvaney, for the turn away from the Bureau’s core purpose.
“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.” — Frotman
Forgiving student loans would also lower the average unemployment rate and could add anywhere between 1.2 and 1.5 million jobs per year.
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