WASHINGTON, DC - MAY 23: Office of Management and Budget Director Mick Mulvaney holds a news conference to discuss the Trump Administration's proposed FY2017 federal budget in the Brady Press Briefing Room at the White House May 23, 2017 in Washington, DC. Calling it a "New Foundation for American Greatness," the $4.1 trillion budget for would cut programs for the poor, including health care, food stamps, student loans and disability payments while offering big tax cuts for the wealthy. (Photo by Chip Somodevilla/Getty Images)

Seth Frotman, student loan ombudsman at the Consumer Financial Protection Bureau (CFPB) submitted a letter of resignation to his boss, Acting Director of the CFPB, Mick Mulvaney. It begins as most resignations would, but quickly veers into an indictment of the motives and mindset of the Trump administration.

"It is with great regret that I tender my resignation as the Consumer Financial Protection Bureau's Student Loan Ombudsman," Frotman begins. "It has been the honor of a lifetime to spend the past seven years working to protect American consumers; first under Holly Petraeus as the Bureau defended America's military families from predatory lenders, for-profit colleges, and other unscrupulous businesses, and most recently leading the Bureau's work on behalf of the 44 million Americans struggling with student loan debt."

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US President Barack Obama listens as newly sworn-in Director of the Consumer Financial Protection Bureau, Richard Cordray, speaks in the State Dining Room of the White House July 17, 2013 in Washington, DC. Obama spoke about the recent confirmation of Cordray, as the Director of the Consumer Financial Protection Bureau who was sworn in earlier today. AFP PHOTO/Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)

Senate Republicans, with Vice President Mike Pence breaking a 50-to-50 tie, voted Tuesday to strike down a new consumer protection rule. Five years in the making, it allowed millions of Americans to file class-action lawsuits against financial institutions.

The defeat of the rule further loosens regulation of Wall Street.  It is yet another step by the Trump administration and Republicans to roll back Obama-era policies. Policies enacted in response to the 2008 economic crisis caused by prior Republican led deregulation of Wall Street.

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WASHINGTON, DC - MARCH 12: Richard Cordray, nominee for director of the Consumer Financial Protection Bureau, testifies at a confirmation hearing before the Senate Committee on Banking, Housing and Urban Affairs on March 12, 2013 in Washington, DC. Cordray testified that he doesn't see a "one-size-fits-all solution" to financial challenges and stressed the importance of transparency in the bureau's work. (Photo by T.J. Kirkpatrick/Getty Images)

[DIGEST: Fortune, Buzzfeed, Business Insider, New York Times]

The U.S. Consumer Financial Protection Bureau brought federal suit this month against Navient, the United States’ largest student loan servicer. The CFPB accused the company of “systematically and illegally failing borrowers at every stage of repayment.” The lawsuit seeks restitution for those affected, as well as money penalties.

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