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VOL. 43 | NO. 33 | Friday, August 16, 2019

Trump appoints student loan industry exec to watchdog job

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NEW YORK (AP) — The Trump administration is appointing a long-time student loan industry executive to be the government's top watchdog for the $1.5 trillion student loan market.

Robert Cameron will serve as the Consumer Financial Protection Bureau's new student loan ombudsman, a job designed to protect student loan borrowers from poor industry practices in the student loan industry.

Cameron most recently worked at the Pennsylvania Higher Education Assistance Agency, better known as Fed Loan Servicing, as their head of compliance. PHEAA has been cited for poor industry practices, most notably for how it has handled the Public Service Loan Forgiveness program.

The student loan ombudsman position has been vacant for over a year. The previous occupant, Seth Frotman, quit in protest of the Trump administration's handling the issue of student loans.

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