For Immediate Release
August 27, 2018 |
Contact:
Andrew Crook
607-280-6603
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AFT’s Weingarten on Resignation of Seth Frotman from the Consumer Financial Protection Bureau |
WASHINGTON—AFT President
Randi Weingarten issued the following statement after Seth Frotman resigned
his position as student loan ombudsman at the Consumer Financial Protection
Bureau:
“The
Trump administration has deliberately set out to gut and defang the Consumer
Financial Protection Bureau. It has shirked its responsibility to protect
student borrowers, choosing instead to coddle the for-profit colleges and
rogue loan servicers that would prefer to escape the spotlight the CFPB has
shone on them. Seth Frotman, in the best tradition of American public
servants, today chose to put principle over politics and resign, rather than
participate in this craven transformation.
“AFT
members have benefited enormously from Seth’s work. Seth and his team
assisted us with creating the content of our student debt clinics. The CFPB
was the place we directed members to who ran into problems getting their
servicers to communicate clearly and accurately (or at all), and it regularly
helped resolve problems our members encountered. We supported the bureau’s
advocacy for Public Service Loan Forgiveness, a program for which the
overwhelming majority of AFT members with student loan debt are eligible. And
because the AFT’s membership is predominantly female, the real-life
situations our members encountered have contributed to the CFPB’s work on
women and student debt.
“The
bureau’s central role in assisting student debtors has been terminated by
this administration. There is literally nowhere to send people who have these
problems, other than into the legal system. While we commend Seth’s decision,
we mourn the attacks on the CFPB and demand an end to the politicization of
this vital agency. The CFPB must return to its historic mission to protect
the powerless, rather than shielding the bad actors preying on them.”
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