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CBA Statement on Private Student Loan Modification Programs
CBA’s President and CEO Richard Hunt issued the following statement after the CFPB requested information of private student lenders on programs for modifying existing loans:
“The private student loan market continues to enjoy an over 97 percent repayment rate with the vast majority of borrowers paying back their loans in accordance with their agreements. For the most distressed borrowers, CBA’s members continue to work with the prudential regulators to develop short and long term loan modification programs to provide borrowers with more flexibility, particularly in the early stages of their career. Many have already launched loan modification programs, while others are piloting programs in advance of a broader roll-out. These programs are designed to address the unique nature of student loan borrowers within the confines of federally mandated safety and soundness principles, which our members must adhere to.”
For more information on the private student loan market please visit PrivateStudentLoanFacts.com.
Founded in 1919, the Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding well over half of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.
The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, firstname.lastname@example.org, (703) 869-1246 or visit www.consumerbankers.com.