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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.
- June 1, 2017 - 4:00AMUpcomingMay 25, 2017 - 2:00PMUpcomingApril 24, 2017April 24, 2017 Mr. Darrin King Paperwork Reduction Act Officer Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552 RE: Student Loan Servicing Market Monitoring, Docket No. CFPB-2017-0002 Dear Mr. King, The Consumer Bankers Association (“CBA”)  appreciates the opportunity to comment on the proposed “Student Loan Servicing Market Monitoring” information collection. As the...April 19, 2017Many industries, such as financial services, are looking to develop ways to leverage mobile capabilities. The goal is to use mobile to attract new customers, but also to engage and cement relationships with current customers. The challenge lies in the execution. To be effective, you’ll need to determine how to develop innovative ways to leverage the technology and your data and turn that into an...April 13, 2017April 13, 2017 The Honorable Mike Crapo Chairman Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs U.S. Senate 534 Dirksen Senate Office Building Washington, D.C. 20510 Dear Chairman Crapo and Ranking Member Brown: The Consumer Bankers...March 17, 2017Three Weeks to CBA LIVE: Get Your Boots and Jeans Ready! With record-breaking banker attendance, a sold-out exhibit hall and over 1,300 attendees, CBA LIVE: Where [ it ] Begins is 2017's biggest retail banking event of the year. Be sure to join us in Dallas, April 3-5, at the Gaylord Texan to catch entrepreneur, Heisman Trophy winner and former Dallas Cowboys Quarterback Roger Staubach ,...March 15, 2017Even the more sophisticated data-driven financial services marketers are struggling to figure out how to effectively and efficiently integrate personalization into multichannel customer and prospect marketing strategies. This iteration of the Epsilon 5 & 5 is intended to trigger some contrarian thoughts and challenge your marketing status quo. In this issue, we’ll talk about personalization,...March 10, 2017BANKERS BACK STUDENT LOAN BILL: A bill that would require the Education Department to disclose a loan’s annual percentage rate to students getting federal loans at the time of application now has the support of the Consumer Bankers Association. “Many federal student loan borrowers learn the true cost of their education much too late,” Richard Hunt, the president of the group, said in a statement...March 10, 2017Will the CFPB Cease Rulemaking in 2017? The year is well underway, and the CFPB has yet to release a new rule (no complaints here). To me, there are four possible rulemakings the Bureau could finalize before Director Cordray leaves office. They are: Arbitration; Small-Dollar; Debt Collection; and Overdraft Should the Bureau issue a rule, the Congressional Review Act would allow Congress to...March 7, 2017Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement following the re-introduction of the Transparency in Student Lending Act, H.R. 1283 , by Representatives Randy Hultgren (R-IL), Luke Messer (R-IN), and David Scott (D-GA). “Many federal student loan borrowers learn the true cost of their education much too late. As a...