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America's Progressive Community

For further information or to comment on this press release, please contact the organization directly.

FOR IMMEDIATE RELEASE
May 25, 2010
10:38 AM

CONTACT: US PIRG

Christine Lindstrom
Higher Education Program Director
Office: (617)747-4330
chris.lindstrom@pirg.org

 

Wall Street Reform in the Senate Takes Steps to Rein in Private Student Lending

Statement from Chris Lindstrom, U.S. PIRG Higher Education Program Director

WASHINGTON - May 25 - “On Friday, May 20, the Senate passed S. 3217, the Restoring American Financial Stability Act.  The bill creates a Consumer Financial Protection Bureau (CFPB) to protect consumers of financial products, including private student loans.

“As states cut college budgets and college costs rise, students are relying on private loans to help defray costs.  Private student loans are aggressively marketed, and carry risky terms and high interest.  Components of the Senate bill that will address the problem include CFPB regulatory authority over all private student loans and the creation of a Private Student Loan Ombudsman for private student loan borrowers.

“We look forward to working with both Senate and House leadership to further strengthen the Wall Street reform legislation to provide comprehensive consumer protection for private student loan borrowers in the final version of the legislation.”

“To read more about the effort to ensure that the consumer watchdog agency can adequately rein in private student loans, visit U.S. PIRG’s website.”

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U.S. PIRG, the federation of state Public Interest Research Groups (PIRGs), stands up to powerful special interests on behalf of the American public, working to win concrete results for our health and our well-being. With a strong network of researchers, advocates, organizers and students in state capitols across the country, we take on the special interests on issues, such as product safety,political corruption, prescription drugs and voting rights,where these interests stand in the way of reform and progress.



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