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.
April 16, 2019CBA Applauds Dept. of Education for Pro-Student Financial Aid Recommendations WASHINGTON – The Consumer Bankers Association (CBA) today commended the Department of Education’s new recommendations for changing the way schools advise prospective and current students about financial aid. The Department’s announcement, via the Information for Financial Aid Professionals system, includes many of the...
March 25, 2019CBA Calls for Bipartisan Commission at CFPB, Other Reforms H.R. 1500 would be unnecessary if CFPB were run by bipartisan commission WASHINGTON – The Consumer Bankers Association today wrote House Financial Services Chairwoman Maxine Waters and Ranking Member Patrick McHenry in advance of the committee’s markup of H.R. 1500, the Consumers First Act. In addition to stressing the need for an...
March 18, 2019CBA Statement on White House Higher Education Act Reform Principles CBA poll shows Americans support Administration’s call to place responsible caps on federal student loans to allow access to higher education while preventing overborrowing WASHINGTON, D.C. – The Consumer Bankers Association today released the following statement supporting many of the reforms the Administration outlined in the...
March 15, 2019CBA LIVE 2019: Don't miss Bank of America Chairman of the Board & CEO Brian Moynihan speak at CBA LIVE about the state of retail banking. Register today here . Mr. Moynihan sat down with CNBC 's 'The Exchange' on Thursday to discuss the bank's efforts toward digital banking, diversity, the U.S. economy and other hot button topics. Bank of America plans to open 500 U.S. branches over the next...
March 12, 2019CBA Publishes Student Lending Podcast Podcast discusses recent CBA poll & CBA student loan reforms Listen to the podcast here or by clicking on the image below WASHINGTON – The Consumer Bankers Association today published a podcast focused on student lending as part of its regular Suite 550 podcast series. The episode features CBA Vice President of Congressional Affairs Kris Fallon CBA...
March 8, 2019Awesome CBA Deposits & Payments Committee representation at CBA Premier Sponsor Harland Clarke 's Executive Forum in Scottsdale, AZ. From left to right: Vice Chair Desiree Wolfe of Webster Bank ; Matt Wind of Comerica ; Jennifer Dier of Hancock Whitney . Thanks Matt for the picture! Cajun Thoughts: AMERICANS LIKE BIG BANKS You might have read WSJ’s recent article about how Americans love big...
March 1, 2019Join us April 1-3, 2019 in Washington, D.C. for CBA LIVE 2019: The Currency of NOW to experience 90 hours of programming, powerhouse speakers and unprecedented networking with senior bankers. Sign up here to be part of retail banking's must-attend event. Cajun Thoughts: BILL PAY SOLUTIONS I read an article this week about the company ClickSWITCH which offers an automated account transfer solution...
February 27, 2019CBA Writes Department of Ed, CFPB to Improve Federal Student Loan Disclosures WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt wrote Consumer Financial Protection Bureau Director Kathy Kraninger and Secretary of Education Betsy DeVos requesting their respective agencies work to improve federal student loan disclosures. Currently federal student loan disclosures do not...
February 26, 2019CBA Comments on House Financial Services Credit Reporting Hearing WASHINGTON – The Consumer Bankers Association (CBA) wrote House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) in advance of the committee’s hearing examining credit bureaus and credit reporting. A copy of CBA’s letter is available here . On the draft Comprehensive...
February 21, 2019CBA Challenges Gov’t to Stop Opaque Federal Student Loan Practices, Introduce Responsible Caps to Prevent Federal Loan Debt Traps New survey shows majority “very concerned” about student debt, support greater federal loan disclosures and reasonable caps WASHINGTON – Americans strongly believe student loans should carry clear, personalized, plain-language disclosures about the loan’s total costs,...
