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Jump to: 2018;
-- 2016 --
April 12: CFPB Announces New Additions to Senior Leadership
Seth Frotman will serve as the CFPB’s new Student Loan Ombudsman and Assistant Director for the Office for Students and Young Consumers. Previously, Mr. Frotman served in the same positions on an acting basis. Mr. Frotman originally joined the Bureau as part of the Treasury Implementation Team in early 2011 as senior advisor to Holly Petraeus, the Assistant Director for the Office of Servicemember Affairs. He has also worked on the Senate Committee on Health, Education, Labor, and Pensions and was the Deputy Chief of Staff for U.S. Rep. Patrick Murphy. Before coming to Washington, he served as an assistant staff counsel for the New Jersey State Senate and clerked on the United States Court of Appeals for the Third Circuit.
https://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-new-additions-to-senior-leadership-20160412/
-- 2018 --
January 18: Report Finds More People Over 60 Struggling To Pay Off Student Loans
The Consumer Financial Protection Bureau reports that a growing number of older Americans have taken on student loan debt. For those who can't pay, Social Security benefits are being garnished.
Student loan debt is not just an issue for young people. A new report from the Consumer Financial Protection Bureau says that in the last decade, the number of older Americans - 60 and up - with student loan debt has quadrupled. And many of those older people who are often on fixed income struggle to make loan payments. They default at a higher rate than any other age group.
With us to talk about this report is Seth Frotman, the CFPB student loan ombudsman and head of the CFPB's office for students.
https://www.npr.org/2017/01/18/510301372/report-finds-more-people-over-60-struggling-to-pay-off-student-loans
August 28: Resignation signals Trump administration slow gutting of Consumer Financial Protection Bureau
Seth Frotman, watchdog of the $1.5 trillion student loan industry, quit in protest over what he called, “sweeping changes,” to the agency, including resistance by Betsy DeVos’s Department of Education, the lack of independence in the agency under the Trump administration and the suppression of information showing abuse by big banks.
http://www.nydailynews.com/news/politics/ny-news-consumer-financial-protection-bureau-seth-frotman-mick-mulvaney-20180827-story.html
October 17: Why Public Service Loan Forgiveness Is So Unforgiving
Update: Many student borrowers have responded to this story by sharing stories of their struggles with PSLF. We've curated many of them here.
On the morning of Monday, Aug. 27, Seth Frotman told his two young daughters that he would likely be home early that day and could take them to the playground. They cheered.
He did not tell them why their dad, who often worked long hours as the student loan watchdog at the federal Consumer Financial Protection Bureau, would be free for an afternoon play date.
Frotman assumed that after walking into his office and, at precisely 9:30 a.m., hitting "send" on an incendiary resignation letter to lawmakers accusing the Trump administration of betraying student borrowers, he would promptly be walked out with his things, and his career, in a cardboard box.
https://www.npr.org/2018/10/17/653853227/the-student-loan-whistleblower
November 28: New watchdog group aims to spur action on student debt
A consumer group, led by people who quit the Trump administration, is forming in hopes of serving as a check on the student loan industry.
The nonprofit Student Borrower Protection Center aims to expand borrower protections and oversight of the $1.5 trillion student loan market.
Its executive director is Seth Frotman, who resigned in August from a senior position at the federal Consumer Financial Protection Bureau. When he stepped down, Frotman asserted that the Trump administration was siding with predatory lenders over consumers and enacting policies that will lead to “far-reaching harm.” Two others from his office also quit in protest and are joining Frotman at the new venture, along with three fellows.
The new center plans to encourage states and cities to step up enforcement actions against loan-servicing companies, debt collectors, for-profit schools and private student lenders.
https://www.washingtonpost.com/local/education/new-watchdog-group-aims-to-spur-action-on-student-debt/2018/11/27/8d07afa6-f288-11e8-aeea-b85fd44449f5_story.html?noredirect=on&utm_term=.0dacc5821113
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