Sen. Elizabeth Warren (D-MA) is expressing concern regarding the appointment of Consumer Financial Protection Bureau (CFPB) Student Loan Ombudsman Appointee Robert Cameron, citing a conflict of interest.
Warren said the concerns stem from Cameron, a former student loan servicing executive, being selected as the nation’s top student loan watchdog responsible for protecting student loan borrowers. Before the appointment, he oversaw compliance activities at the Pennsylvania Higher Education Assistance Agency (PHEAA), a student loan servicer Warren said had an unfavorable compliance record.
Warren forwarded correspondence to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger, Treasury Secretary Steven Mnuchin and CFPB Student Loan Ombudsman Appointee Robert Cameron regarding her concerns.
“The appointment of Mr. Cameron, a former executive responsible for compliance at a student loan servicer that has been accused of cheating thousands of students and taxpayers, is an outrageous slap in the face to student loan borrowers across the country,” Warren wrote to Kraninger and Mnuchin. “Given Mr. Cameron’s record overseeing compliance for an industry player frequently cited for failure to comply with federal rules and state consumer protection laws, he is not qualified to serve as the Student Loan Ombudsman and I urge you to use your authority to reject Mr. Cameron’s appointment.”
Warren has urged Cameron to reconsider his decision to accept the position as Student Loan Ombudsman, and if he does not, recuse himself from all matters that affect PHEAA, his former employer.