With the creation of a Consumer Financial Protection Unit as one of his early actions, Pennsylvania Attorney General Josh Shapiro made clear his intention to pursue an aggressive pro-consumer agenda. Mr. Shapiro named Nicholas Smyth, a former CFPB enforcement attorney, to serve as Assistant Director of the Attorney General’s Bureau of Consumer Protection.… Continue Reading
The CFPB is facing criticism for not yet having issued the 2018 annual report of its Student Loan Ombudsman. The 2017 annual report was issued in October 2017 and, like previous reports, included student loan complaint data and a discussion of such data.
The Dodd-Frank Act requires the Ombudsman to prepare an annual report “that describes the activities, and evaluates the effectiveness of the Ombudsman during the preceding year.” … Continue Reading
Seth Frotman, the CFPB’s Student Loan Ombudsman, has sent a letter to CFPB Acting Director Mulvaney tendering his resignation effective September 1, 2018. (In addition to Treasury Secretary Mnuchin and Department of Education Secretary DeVos, Mr. Frotman’s letter indicates that copies were sent to various Senate and House lawmakers.)
In his letter, Mr.… Continue Reading