WASHINGTON (7/16/13)--As the nation's students look on anxiously to see if the federal government acts to restore the federal student loan rate to 3.4% after it ballooned to 6.8% recently, the Credit Union National Association has formed a student loan working group to explore current issues related to credit unions' offering private student loans to members, CUNA's Regulatory Advocacy Report informs readers this week.
The working group met for the first time last week to discuss current and possible future issues confronting credit union offering private student loans.
The group's focus will be to develop best practices for credit union student loans and to monitor related regulatory activity at the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration.
The NCUA has told the CUNA regulatory team that the agency will be releasing examiners' guidance on private student loans in the near future. The guidance will then be shared with credit unions.
To see those named to the student loan working group, CUNA members can use the resource link below to access the RAR.
Also in the newest issue, CUNA takes a look at CFPB's newest clarifications to mortgage rules, NCUA's derivatives proposal, a payments system update, and many more hot regulatory topics.