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BY: Nic Rowan
CEO of major banks informed Rep. Maxine Waters (D., Calif.) that the federal government nationalized student loan programs in 2010, after she grilled them for not offering these programs during a Congressional hearing last Wednesday.
Waters - Member - House - Financial - Services
Waters, the ranking member of the House Financial Services Committee, posed her questions to a panel of seven CEOs of America's largest banks in a hearing reviewing their activities since the 2008 financial crisis.
"What are you guys doing to help us with this student loan debt?" Waters asked. "Who would like to answer first? Mr. Monahan, big bank."
Loans - Bank - America - CEO - Brian
"We stopped making student loans in 2007 or so,"said Bank of America CEO Brian Monahan.
"Oh, so you don't do it anymore," Waters said, before turning to Citigroup CEO Michael Corbat.
Student - Lending
"We exited student lending in 2009," he said.
She posed the same question to JPMorgan Chase CEO Jamie Dimon, who explained, "When the government took over student lending in 2010 or so, we stopped doing all student...
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