EMAIL SIGN UP!
The press releases posted here have been submitted by
For further information or to comment on this press release, please contact the organization directly.
Most Popular This Week
- US Is an Oligarchy Not a Democracy, says Scientific Study
- DOJ Investigation Confirms: Albuquerque Police 'Executing' Citizens
- Pulitzer Vindicates: Snowden Journalists Win Top Honor
- Study: Fracking Emissions Up To 1000x Higher Than EPA Estimates
- Krugman: Worried About Oligarchy? You Ain't Seen Nothing Yet
Today's Top News
FOR IMMEDIATE RELEASE
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.”