NAICU - Senate Passes Legislation That Includes Oversight of Private Loans, Debit-Card Fees

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Senate Passes Legislation That Includes Oversight of Private Loans, Debit-Card Fees

Chronicle of Higher Education

July 16, 2010

In a victory for students and college bookstores, the U.S. Senate gave final approval Thursday to a sweeping financial reform bill that will lower the fees colleges pay when students use debit and credit cards and increase oversight of private student loans. One of the biggest components of the bill is the creation of the Consumer Financial Protection Bureau in the Federal Reserve that will have authority over most consumer lending, including private student loans. The bill also creates an ombudsman position to oversee private student loans.

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