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CBA Statement on CFPB Student Loan Ombudsman Report
Washington, D.C. – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), issued the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) Student Loan Ombudsman report:
“Strong underwriting standards and ensuring loans are supported by an ability to repay at origination and during repayment—often through the strength of cosigners—are the cornerstones of consumer protection. CBA member banks work in close partnership with their borrowers throughout the life of the loan. Accordingly, private student loans are performing well, with nearly 98% of private loan borrowers successfully repaying their loans on-time. The students and their cosigners are to be commended for meeting their loan obligations,” said CBA’s President and CEO Richard Hunt.
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 two-thirds 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 Maggie Seidel, firstname.lastname@example.org, (571) 447-0197 or visit www.consumerbankers.com.