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CBA is the public policy voice for private-market capital to fund loans supporting America’s students. Private student loans serve important purposes, primarily to provide gap funding for undergraduates who need to pay for college. In addition, for some families and graduate students, private loans can be a sensible alternative to federal loans, especially PLUS loans. Almost 97% of private student loans are being successfully repaid. That is largely due to the high level of underwriting required to receive a private loan, as well as the use of cosigners. Nearly 70% of private student loans are made by six lenders, five of which are CBA Members. Collectively, private loans account for just 8% of loans being made today. The other 92% are Direct Loans made by the U.S. Department of Education.
- September 20, 2017September 20, 2017 Ms. Hilary Malawer U.S. Department of Education 400 Maryland Avenue, SW Room 6E231 Washington, DC 20202 RE: Docket ID ED-2017-OS-0074 Dear Ms. Malawer: As the national trade associations representing the majority of student loan providers in the higher education finance industry, including those loan holders, servicers, and guaranty agencies in the Federal Family Education Loan...
- September 18, 2017On Monday, September 18, 2017, the CFPB took action against the National Collegiate Student Loan Trusts and their debt collector, Transworld Systems, Inc., for alleged illegal student loan debt collection lawsuits. The companies sued consumers for private student loan debt the companies could not prove was owed, or debt too old to litigate. The lawsuits allegedly relied on the filing of false or...September 13, 2017WASHINGTON — Since 2010, the federal government has been the nation's primary student lender. But the incoming chairman of the Consumer Bankers Association says the government's record as a credit provider leaves much to be desired. “We believe we have the expertise” to underwrite student loans “better,” said Brad Conner, vice chairman of consumer banking at the $150 billion-asset Citizens Bank...August 16, 2017The CFPB released two report this week outlining challenges with student loan repayment and repayment programs. The first report, entitled “ CFPB Data Point: Student Loan Repayment ,” found nearly half of student loan borrowers leave school owing at least $20,000 – double the share of borrowers a decade ago. The Bureau also found more borrowers are taking out student loans later in life, and...August 11, 2017Rumor Mill Churning: Will Cordray Run for Governor of Ohio? I cannot read my morning press clips, or anything from an Ohio news outlet for that matter, without seeing coverage of Richard Cordray’s speculated departure as head of the CFPB to run for Governor of Ohio. One thing is for certain – his days atop the agency are numbered. His term expires in 2018, and President Trump will have an...July 12, 2017 - 2:00PMPastJune 30, 2017Membership Spotlight: CBA Board Member Michael Cleary Named Co-President at Santander Bank A hearty congratulations to CBA Board Member Michael Cleary on being named co-president of Santander Bank, whose experience and expertise are invaluable to our organization. We wish Michael the best in expanded leadership role at the bank. Dodd-Frank Reforms Pass House Subcommittee Passing by voice vote,...June 22, 2017On Thursday, June 22, 2017, the CFPB held an event in Raleigh, N.C. outlining its work with student loan debt, specifically public student loan forgiveness programs. The CFPB released a report spotlighting complaints from borrowers about student loan servicers mishandling public student loan forgiveness programs. The report indicated servicers delayed or denied access to loan forgiveness through...June 8, 2017Ashley Higgins U.S. Department of Education 400 Maryland Avenue SW Room 6W234 Washington, DC 20202 Re: Request for Information Regarding Disclosures for Student Financial Accounts Docket ID: ED-2015-OPE-0020, 82 Federal Register 21529 (May 9, 2017) Dear Ms. Higgins, The American Bankers Association (“ABA”)  and the Consumer Bankers Association (“CBA”)  (collectively “the Associations”)...June 1, 2017 - 4:00AMPast