The Consumer Financial Protection Bureau is going through a bit of a rough patch.
Credit: Alex Wong/Getty

This week, the federal government’s student loan watchdog quit his job in disgust. Seth Frotman, who has served as the Consumer Financial Protection Bureau’s student loan ombudsman since 2016, resigned Monday in a furious letter, which accused the Trump administration of selling out borrowers to corporate interests. Frotman’s note covered a long list of grievances, and pointed to several examples of political appointees hamstringing the agency, but there’s one issue hanging over it all: Federal officials have seemingly decided to stop policing the student loan servicing industry, an industry that has played a central yet underappreciated role in America’s education debt crisis.

“The Bureau’s new political leadership has repeatedly undercut and undermined career CFPB staff working to secure relief for consumers,” Frontman wrote in his letter. “These actions will affect millions of student loan borrowers, including those harmed by the company that dominates this market.” According to the Wall Street […]