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THE DIAMONDBACK | NEWS | THURSDAY, AUGUST 5, 2010
LOANS from page 1 in assets. “Community banks are not the ones that caused the problem in the first place,” said Harr y Gural, a spokesman for Rep. Barney Frank (D-Mass.) who helped craft the bill. “That’s why there’s greater oversight on larger banks.” But Lindsay McCluskey, vice president of the United States Student Association advocacy group, said the exemption is a loophole that is being exploited, because other agencies like the Federal Deposit Insurance Corporation have less authority than the new bureau. “Sallie Mae is a far cry from a community bank,” McCluskey said, adding that the lender doesn’t have a clean record: In 2007, the company was found bribing university financial aid officers at various schools with all-expense-paid trips, and in 2009, a U.S. Department of Education
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hedge funds, or portfolios of investments similar to mutual funds. The reform effort also affects banks, lenders and borrowers, permanently increasing federal deposit insurance from $100,000 to $250,000; forcing banks to maintain more capital so they are less prone to fail; limiting the amount of risky activities banks can participate in and rooting out predator y lending practices, especially in the mortgage industr y, such as hidden fees and penalties. Although the bill is now law, many of its effects will remain unseen for several months as the proper government agencies detail how they will regulate and enforce its measures and the new Consumer Financial Protection Bureau is staffed and functioning. “Law says it has to be up and running in 12 months, no later than 18,” Adamske said of the bureau.
report found Sallie Mae had overbilled the government by $22.3 million for student loan subsidies between October 2003 and September 2006. Elinda Kiss, a university finance professor, said one of the reasons the bureau wasn’t given greater oversight over student lenders like Sallie Mae is because “where the focus has been is mortgage lending.” “Student loans haven’t been addressed in the same way because the bigger problem wasn’t student loan investments but mortgage investments,” Kiss said. “That’s a different bill. “The bill passed with a slim majority — add Sallie Mae and you lose some Democrats and Republicans,” Kiss added. The wide-reaching effects of the bill, largely assembled by Frank and Sen. Chris Dodd (D-Conn.) focus on granting government agencies the authority to regulate derivatives, or financial contracts linked to the future value of an asset, and large
PG
Cats and Dogs Step Up 3 IN 3D
PG PG-13
The Other Guys Charlie St. Cloud
PG-13 PG-13
Inception Dinner for Schmucks
PG-13 PG-13
Salt
PG-13
PREPARING TO PROTECT AND SERVE
Six new police officers are preparing to join the University Police after they graduated from the department’s police academy Friday. The graduating class of seven, which also includes an officer who will work for the Washington government, began training in February and still faces another three months of supervised fieldwork. Also on Friday, the department dedicated the training academy to the memory of a graduate, Michael Nickerson, who was shot dead in 2001 while working on the Centreville police force. COURTESY OF THE UNIVERSITY OF MARYLAND DEPARTMENT OF PUBLIC SAFETY
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