Steven Zeisel, a lobbyist with the Consumer Bankers Association who died Sunday, was a strong voice for financial institutions navigating post-crisis regulations. He also had the ear of policymakers on the other side of the table.
Nitin Mhatre of Webster Financial explains why the Consumer Bankers Association — whose members want a bigger piece of the student lending market — backs legislation that would make the federal government tell borrowers how much they will ultimately owe, as private lenders are already required to do.
A legislative measure would have made the Golden State the first in the nation where aggrieved borrowers could sue their servicers. The bill was delayed until 2020 after banks and other financial companies expressed opposition.
A proposal to give the Consumer Financial Protection Bureau jurisdiction over credit unions with $10 billion or more of assets has sparked a war of words between the longtime foes.
Industry groups and lawmakers have joined bankers in insisting the agency develop a plan to resolve the paperwork problem before the partial government shutdown ends.
The report from an advocacy group that focuses on college affordability says that schools need to do a better job of educating students about their eligibility for federal loans, which typically carry lower interest rates than loans from banks and other private-sector lenders.
PNC's Todd Barnhart, incoming Consumer Bankers Association chair, says the group is concentrating on the impending process of modernizing the Community Reinvestment Act among other issues that do not require action on Capitol Hill.
