Coalition Letter to Representative Frank Regarding School Loan Exemption in H.R. 3126 Consumer Financial Protection Agency

Publish Date: 
October 8, 2009
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Thank you for your leadership in advancing legislation to create a much-needed Consumer Financial Protection Agency (CFPA). As advocates for consumers, students, higher education and taxpayers, we strongly urge you to ensure the CFPA has full authority over all private student loans, regardless of the institution offering the loan. We are concerned that clarifications to address small business concerns have inadvertently exempted dangerous private student loans made by large for-profit colleges from the CFPA’s enforcement authority.