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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 30, 2017Membership Spotlight: CBA Board Member Michael Cleary Named Co-President at Santander Bank A hearty congratulations to CBA Board Member Michael Cleary on being named co-president of Santander Bank, whose experience and expertise are invaluable to our organization. We wish Michael the best in expanded leadership role at the bank. Dodd-Frank Reforms Pass House Subcommittee Passing by voice vote,...
- June 22, 2017On Thursday, June 22, 2017, the CFPB held an event in Raleigh, N.C. outlining its work with student loan debt, specifically public student loan forgiveness programs. The CFPB released a report spotlighting complaints from borrowers about student loan servicers mishandling public student loan forgiveness programs. The report indicated servicers delayed or denied access to loan forgiveness through...June 8, 2017Ashley Higgins U.S. Department of Education 400 Maryland Avenue SW Room 6W234 Washington, DC 20202 Re: Request for Information Regarding Disclosures for Student Financial Accounts Docket ID: ED-2015-OPE-0020, 82 Federal Register 21529 (May 9, 2017) Dear Ms. Higgins, The American Bankers Association (“ABA”)  and the Consumer Bankers Association (“CBA”)  (collectively “the Associations”)...May 26, 2017Majority of Voters in Battleground States Want a Bipartisan Commission at the CFPB CBA has long championed the belief the CFPB should be structured as a bipartisan commission. This week, new poll results released by Morning Consult , a well-respected, non-partisan polling firm, showed 58% of registered voters in eight battleground states agree with our position. In fact, across party lines, a...May 24, 2017May 24, 2017May 24, 2017 The Honorable Brett Guthrie Chairman Subcommittee on Higher Education and Workforce Development Committee on Education and the Workforce U.S. House of Representatives 2434 Rayburn House Office Building Washington, D.C. 20515 The Honorable Susan Davis Ranking Member Subcommittee on Higher Education and Workforce Development Committee on Education and the Workforce U.S. House of...May 16, 2017On Tuesday, May 16, 2017, the CFPB released a student loan data analysis stating 9 in 10 of highest-risk borrowers were not enrolled in federal affordable repayment plans. Additionally, the study also showed of the 9 in 10 not enrolled, nearly half re-defaulted, compared to less than 10 percent of those who were enrolled. "For far too many student loan borrowers, the dream of a fresh start turns...April 26, 2017On Wednesday, April 26, 2017, the CFPB announced some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections. Agency examiners found some student loan servicers failed to refund charges imposed on borrowers who had been wrongly denied the right to defer payments while enrolled in school. The report also found some mortgage...April 25, 2017On Tuesday, April 25, 2017, the CFPB released a monthly complaint snapshot highlighting consumer complaints about student loans. The snapshot shows that both private and federal student loan borrowers nationwide report persistent servicing breakdowns that may sideline their path to repayment. April’s report also highlights trends seen in complaints coming from Nevada. As of April 1, 2017, the...April 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...