Updated at 1:12 p.m. ET
The federal official in charge of protecting student borrowers from predatory lending practices has stepped down.
In a scathing resignation letter, Seth Frotman, who until now was the student loan ombudsman at the Consumer Financial Protection Bureau, says current leadership "has turned its back on young people and their financial futures." The letter was addressed to Mick Mulvaney, the bureau's acting director.