Sallie Mae’s Private Loans Exempt from Financial Reform Bill?
In a letter sent today, nearly 40 organizations that advocate for students, civil rights, higher education, and consumers called on U.S. senators to close worrisome gaps in the Senate financial reform bill. As currently drafted, the bill does not ensure that the new Consumer Financial Protection Bureau (CFPB) has enforcement authority over the largest private student loan provider, Sallie Mae, or over predatory loans made by large for-profit colleges to their own students.
