CBA Statement on President Biden’s Pick to Oversee Federal Aid Office 

May 3, 2021
Lauren Bianchi

CBA Statement on President Biden’s Pick to Oversee Federal Aid Office 

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Biden Administration selected former Consumer Financial Protection Bureau chief Richard Cordray to head the Office of Federal Student Aid in the U.S. Department of Education:

 

“I called former director Cordray today to congratulate him on his new position leading the office of federal student aid. As I relayed to him, I certainly hope he will take action to provide students and families with clear disclosures to prevent over-borrowing and to rein in the cost of college. For too long, politicians have ignored the root causes of the federal student debt crisis and students and families have suffered. I hope Mr. Cordray can reverse this trend.”

 

BACKGROUND:

 

CBA has long advocated for reforms to the federal student loan program. Learn more about CBA’s work to help students and families responsibly finance their higher education here

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.