On Feb. 28, MD BANK issued additional guidance on student financing.
MD BANK issued supplemental guidance regarding the Student financing company act.
Follows MD BANK guidance on same legislation issued in Oct. 2023, see rule #187103.
Requirements
Must register as Student Financing Company (SFC) prior to providing data to MD BANK
An SFC is required to register using NMLS’s Student Financing Company category.
Subtle differences in reporting requirements apply based on whether the SFC secured, made, or extended the student financing or acquired or assumed the student financing
Interprets fiscal year to mean from Jul. 1 of a given year to Jun. 30 of following year.
Must provide certain data points including a list of schools the borrowers are attending, total dollar amount of outstanding debt, total number of financing products issued.
Reporting Date
Data reported by Mar. 15, 2024 needs only to include FY 2023 (Jul. 2022 to Jun. 2023)
Regulators
MD BANK
Entity Types
Bank; CU; Thrift
Reference
Gd, 2/28/2024; HB 913l
Functions
Compliance; Legal; Operations; Record Retention; Registration/Licensing; Reporting
