After almost a year without a private education loan ombudsman, the Consumer Financial Protection Bureau (CFPB) has tapped Robert Cameron to fill the role infamously vacated by Seth Frotman in August of last year, leaving a scathing resignation letter for former acting director Mick Mulvaney in his wake.
The fact that Cameron comes to the bureau having served as deputy chief counsel and vice president of enterprise compliance at the Pennsylvania Higher Education Assistance Authority, which operates FedLoan Servicing, is viewed by critics as reason to doubt the bureau’s intention to take seriously its statutory obligation to regulate the student lending industry.
Learn more about the bureau’s pick and the various reactions to it.