Senators Demand Answers From CFPB Head

Seeking to "evaluate the independence and effectiveness" of the federal Consumer Financial Protection Bureau's student loan office, 15 members of the Senate Democratic Caucus sent a terse letter Thursday evening to Mick Mulvaney, the CFPB's acting director. The letter was first obtained by NPR.

The letter arrived on Mulvaney's desk less than three weeks after the CFPB's student loan watchdog, Seth Frotman, stepped down, writing in a fiery resignation letter to Mulvaney that under the acting director's 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."

The Trump administration has made no secret of its desire to protect loan servicers from tough oversight.


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