I read with deep concern your online story "Credit Unions Part of the CFPB's ITT Loan Complaint" (CU Times, May 1, 2014.) While Student Choice was not involved with this program in any manner, I was dismayed by the facts outlined in the complaint, as they are contrary to both the spirit and everyday practice of a credit union cooperative whose purpose is to serve the needs of its member-owners.

To offer fair-value private student loans that are in the members' best interest, credit unions must carefully implement best practices, including:

• Education: Educating prospective borrowers about the need to exhaust free and lower-cost sources of funding before they opt for a private student loan.

• Factoring in School Quality: Lending only to students attending four-year, not-for-profit schools that have a proven history of low student loan defaults.

• Prudent Underwriting: Implementing responsible, risk-based underwriting criteria that encourage use of a co-borrower.

• School Certification: All loans must be school school-certified to validate enrollment and loan amount.

• Your Community: Lending directly to members within your community.

When done responsibly, these loans (and resulting education) are one of the most life-empowering actions credit unions can undertake for their member-owners' well-being and future prospects.

The CFPB complaint is about a very small piece of the nearly $3 billion of total private student loans originated by credit unions.It should certainly not detract from the tremendous value being provided. Unfortunately, a program like the one highlighted in the CFPB lawsuit can reflect poorly on all credit unions. It is important that we make every effort to do the right thing for members, by continuing to provide real, member-first solutions for those seeking help with education financing.