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CBA Statement on Today’s Department of Education Announcement of Two Final Regulations
Washington, D.C. (October 27, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the Department of Education’s announcement of two final regulations today:
“CBA member banks are committed to helping America’s students succeed and have long supported clear disclosure and transparency in banking. While we are still reviewing the final rules, what is being veiled as pro-consumer reform is far from it. The banking industry is heavily supervised by numerous regulators that specialize in financial products and services, so it is hard to believe Congress ever intended the Department of Education to wield authority over banks. Removed from any factual data, today’s announcement amounts to little more than limiting student options and thus, raising the cost of college at a time when the government should be trying to do the opposite,” said CBA’s President and CEO Richard Hunt.