Student Lending
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.
- May 15, 2015Campus-affiliated debit and prepaid cards could become safer for college students under new rules proposed Friday by the U.S. Department of Education. About 9 million students -- 40 percent of the nation's college students – attend colleges that get money from card-marketing agreements with banks or financial companies such as Higher One. Students at those schools are marketed stand-alone debit...
- May 14, 2015Do companies that service student loans make more money when they provide less service? The federal government’s consumer watchdog wants to see what changes can be made to help the 40 million people with student loan debt save money and avoid default. The Consumer Financial Protection Bureau is opening a public inquiry Thursday into student loan servicing practices that it says can make paying...
- May 14, 2015Do companies that service student loans make more money when they provide less service? The federal government's consumer watchdog wants to see what changes can be made to help the 40 million people with student loan debt save money and avoid default. The Consumer Financial Protection Bureau is opening a public inquiry Thursday into student loan servicing practices that it says can make paying...
- May 1, 2015CFPB Announces Webinar on TRID Rule On Thursday, April 30, 2015, the CFPB announced it will hold a 60-minute webinar on Tuesday, May 26, 2015 at 2 p.m. EDT to answer frequently asked questions about the TILA/RESPA Integrated Disclosure rule (TRID). The webinar will be hosted by the Federal Reserve. Those interested may register here . CFPB Takes Action on Mortgage Kickbacks On Wednesday, April 29...
- April 3, 2015CBA Comments on Prepaid Proposed Rule On Friday, March 20, 2015, CBA and the Financial Services Roundtable submitted a comment letter to the CFPB regarding proposed rulemaking on prepaid products. The groups stressed the importance of avoiding regulation that increases costs and decreases availability because such impacts are likely to be felt most acutely by consumers who are least able to...
- March 30, 2015Once students select a college to attend, they often need to select a convenient bank as well. Many schools make that seem easy: They have an exclusive relationship with one financial institution, and students can get a college identification card they can also use as a debit card to make purchases and to get cash at automated teller machines. But easy doesn’t mean cheap: Many of these bank...
- March 13, 2015CFPB Holds Field Hearing on Arbitration On Tuesday, March 10, 2015, the CFPB held a public field hearing in Newark, N.J., to discuss the use of arbitration agreements in consumer financial products and services; Dong Hong, CBA's Vice President and Regulatory Counsel, served as a panelist at the hearing. In conjunction with the field hearing, the CFPB issued its report on mandatory pre-dispute...
- March 13, 2015CBA LIVE Sets New Attendance Record If you are looking to join with retail banking's decision makers and better understand the mind of the consumer, there is no better place than CBA LIVE, now just 10 days away. On Thursday, we surpassed our all-time record with the registration of the 1,212th attendee. Combined with our record number of bankers (575), these registration numbers show CBA LIVE is...
- March 12, 2015It may be a legislative long shot, but 13 Senators want some student borrowers to have a bankruptcy option for debt relief. President Barack Obama on Tuesday floated the idea of making it easier for student borrowers to get rid of some of their student debt through the bankruptcy process. Thirteen Democrats in the Senate acted on that suggestion Thursday when they introduced a bill dubbed the...
CBA/ABA comment on CFPB proposed campus product scorecard