The $4.2 billion Pennsylvania Employee Credit Union is getting out of the student loan business, but Harrisburg, Penn.-based credit union's decision isn't related to recent criticism directed at loan servicer Sallie Mae.
"We've referred several hundred of our members to Sallie Mae for loan servicing over the past year," said President/CEO Greg Smith. "I haven't heard any complaints from the borrowers, and believe me they would have let us know."
Those members may be in the minority according to a recent Consumer Financial Protection Bureau report. When it comes to servicing loans, the CFPB said Sallie Mae trails its competitors in several critical service areas.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
