JPMorgan Chase Adopts the New York Attorney General’s Student Lending Code of Conduct
Continuing its efforts to increase access to higher education for America’s families, JPMorgan Chase (NYSE: JPM) announced today that it has adopted the landmark Student Lending Code of Conduct recently created by the New York Attorney General.
“We applaud the efforts of Attorney General Andrew Cuomo and other public officials to eliminate potential conflicts of interest and improve disclosure so all lenders can focus on the primary goal of helping students and their families access higher education,” said Marc Sheinbaum, Chief Executive Officer of Chase Auto and Education Finance, the student lending business of JPMorgan Chase. “We are adopting the code because students, parents, and schools all benefit when all lenders follow the same demanding rules and high standards.”
Unveiled earlier this month, the Attorney General’s Code of Conduct prohibits revenue sharing from lenders to schools, includes disclosure standards and restrictions on how lenders are chosen for school “preferred lender” lists, and bans gifts or trips to university employees from lenders. The Code of Conduct also prohibits lenders from staffing or paying for any component of the university financial aid office and outlines guidelines for other aspects of the lender-university relationship.
Chase Education Finance works with more than 4,300 schools and universities in providing a comprehensive array of federal and private loans to students and their parents. More information about Chase is available at www.chase.com.
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