In the News
April 9, 2019 | The Seven Minute Rule
Seth Frotman joins Michael Lewis on the popular podcast Against The Rules to discuss how the government protects us from some dangerous products, but not from others that, over time, ruin countless lives.
In an interview with Yahoo Finance, former Consumer Financial Protection Bureau (CFPB) Ombudsman and current Executive Director of D.C.-based nonprofit Student Borrower Protection Center Seth Frotman explained that the ongoing crisis is a result of decades of unchecked behavior of various predatory parties and weak government regulation of the industry.
Six Democratic senators, including two presidential candidates, sent a letter to the head of the Consumer Financial Protection Bureau on Wednesday demanding that the agency prove it is policing the companies, known as servicers, that the government pays to manage its trillion-dollar, federal student loan portfolio.
Today, the Inspector General of the U.S. Department of Education released a sweeping audit of the federal government’s flailing effort to police the student loan industry. This new audit finds that the Education Department’s student loan arm, the Office of Federal Student Aid (FSA), failed to oversee all nine student student loan companies responsible for handling accounts for tens of millions of Americans.
Today, the SBPC and New Yorkers for Responsible Lending (NYRL) released a new analysis demonstrating the scale of the student debt crisis in New York. This new analysis of government data shows that more than one-in-five New York consumers now owe student loan debt. For the first time, nearly half of all millennials in New York owe money on a student loan.
Today, the SBPC and New Era Colorado released a new analysis demonstrating the scale of the student debt crisis in Colorado. A new analysis of government data shows that more than 1-in-4 middle-aged Coloradans now owe student loan debt. For the first time, nearly half of all young adults in the state owe money on a student loan. This analysis makes a clear and compelling case for Colorado to take action to protect student loan borrowers from illegal student loan industry practices.
Testimony of Seth Frotman at the California Assembly Committee on Banking and Finance hearing: An Examination of the CFPB under the current Federal Administration and Options for California to Protect its Consumers.
Testimony of Seth Frotman at the House Financial Services Committee hearing: Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.
January 31, 2019 | Examining the Student Loan Debt Crisis
Remarks of Seth Frotman (as delivered) at the Community Service Society of New York’s event.