From: The Honorable Rick Larsen
Sent By: Kate.Craddock@mail.house.gov
Bill: H.R. 4643
Date: 7/14/2014
Cosponsor H.R. 4643, the Bereaved Borrowers’ Bill of Rights
Endorsed by the American Association of Community Colleges, the American Association of State Colleges and Universities, the American Council on Education, and the National Association of Independent Colleges and Universities
Current Cosponsors: Eleanor Holmes Norton (DC), Niki Tsongas (MA), Suzan DelBene (WA), Pedro Pierluisi (PR), Denny Heck (WA), André Carson (IN), William Enyart (IL), Peter Welch (VT), James Moran (VA), Corrine Brown (FL), Barbara Lee (CA), John Conyers, Jr. (MI), Sheila Jackson Lee (TX), Bobby Rush (IL), G.K. Butterfield (NC), Bradley Schneider (IL), Steve Cohen (TN), Frederica Wilson (FL), Kathy Castor (FL), Ed Perlmutter (CO), Charles Rangel (NY), Gregory Meeks (NY), and Rosa DeLauro (CT)
Dear Colleague:
Leading higher education organizations recently shared their strong support for the Bereaved Borrowers’ Bill of Rights Act of 2014. They say, “This legislation would meaningfully address problems the Consumer Financial Protection Bureau (CFPB) has identified with how lenders treat co-signers of private education loans.”
In a recent report, the CFPB detailed that some private lenders are placing student borrowers into automatic default if their cosigner dies or files for bankruptcy, even if students are paying their loans on time. This is complicated by the unclear and complex requirements to release cosigners from private loans. The Bereaved Borrowers’ Bill of Rights would provide transparency in this process and give borrowers time and options to address the issues raised by the loss of a cosigner. This important bill was described in a recent story in the Washington Post.
Protect these students and join me in cosponsoring H.R. 4643.
To become a cosponsor, or for more information, contact Kate Craddock of Rep. Rick Larsen’s staff at Kate.Craddock@mail.house.govor at (202) 225-2605.
Sincerely,
/s/
Rick Larsen
Member of Congress