In the News
April 30, 2019 | Student Loan Debt Crisis: How Did We Get Here
“The really scary thing is we don’t really have a plan to either address the millions of borrowers who’ve taken on student loan debt or a plan to really stop this,” said Seth Frotman, the former student loan ombudsman at the federal Consumer Financial Protection Bureau.
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.
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.
Keynote remarks of Seth Frotman in conjunction with the release of the San Francisco Federal Reserve Bank’s paper, At What Cost?: Student Loan Debt in the Bay Area.
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.