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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.
- August 2, 2013Federal Court Vacates Fed’s Debit Interchange Rule On Wednesday, July 31, 2013, a U.S. District Court judge struck down the Federal Reserve Board's rules on interchange fees for debit card transactions, in place since late 2011. U.S. District Judge Richard Leon ruled the Board overstepped its discretionary authority to set a 21-cent cap on debit card transactions. The rule, which has been in...July 19, 2013CFPB Director Confirmed Congratulations to Richard Cordray on being confirmed Director of the CFPB. CBA has enjoyed a close working relationship with Director Cordray over the past two years, and while we have ongoing concerns regarding the Bureau's structure, I look forward to a continued productive relationship with the CFPB. With this confirmation, the Director should now move full steam ahead...July 15, 2013June 24, 2013Dear Chairman Johnson and Ranking Member Crapo: The Consumer Bankers Association (CBA) is Washington’s public policy leader for private student lenders and appreciates the opportunity to share some of our views with the Senate Banking Committee for its hearing entitled “Private Student Loans: A Regulatory Perspective.” CBA’s Education Funding Committee represents all the major bank participants...June 7, 2013Want a Job? From CFPB Posting: " Chief of Staff position : We seek executives with experience in small to mid-sized organizations who understand the unique disquiet of moving rapidly towards a steady-state." Unique disquiet? As a reminder, the CFPB's exam team is about 70% staffed up at the moment so there are opportunities there, as well. Coming Up: We expect a proposal from the CFPB under its...
Joint Trades Letter to CFPB Requesting Student Loan Disclosure Grace Period