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2015 EFC Mid-Year Membership Meeting
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The Mid-Year Membership Meeting is strategically held in Washington, DC with a focus on Congressional and Administrative developments that impact the student loan industry. In addition to regulatory and legislative topics, sessions may cover financing, student loan servicing, college access and success initiatives, and private educational loans. Continuing Education Credits (CPE) may be available for this meeting.

7/9/2015 to 7/10/2015
When: 7/9/2015
7:30 AM
Where: Hyatt Regency Washington on Capitol Hill
400 New Jersey Avenue, NW
Washington, District of Columbia  20001
United States
Contact: Gail daMota

Online registration is closed.
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Mid-Year Meeting Program

Sponsorship Information and Pricing 


The EFC Mid-Year Membership Meeting will provide insight from industry experts that will provide up-to-date information on key issues and new developments affecting the student loan industry.  Session topics will cover financing and student loan servicing, college success and financial literacy initiatives, and statutory, regulatory, and legislative developments.  The EFC Mid-Year Membership Meeting is strategically located in Washington, D.C.; attracting key members of Congress, Administration officials, higher education groups, and other industry stakeholders.

Conference Objectives

  • Identify the latest developments in the capital markets, with a focus on student loan ABS, bond refinancing options, and new issue opportunities
  • Clarify the CFPB’s impact and oversight role in the private student loan marketplace.
  • Identify MSRB and SEC regulations that pertain to the municipal bond market and how they affect student loan financing.
  • Review the Department Not-For-Profit Direct Loan Servicing program.
  • Gain perspective on the Congressional agenda – identify pending legislation that affects student loans and the tax-exempt bond marketplace.
  • Define effective communication and public relation strategies 

Who should attend:

  • Issuers
  • Investors
  • Investment banks
  • Underwriters
  • Rating agencies
  • Regulators
  • Policymakers
  • Law firms
  • Higher education groups



Hotel room reservations may be made directly with the Hyatt Regency Washington on Capitol Hill by utilizing this link, Education Finance Council 2015 Mid-Year Meeting, or by calling the hotel central reservations at (888) 421-1442.  Please inform the reservation clerk that you are attending the Education Finance Council Mid-Year Membership Meeting to ensure the special room rate of $229.00 per night, plus applicable tax (14.5%).  You must make your reservation on or before June 9, 2015 to receive the special room rate.  Once EFC’s room block is full, or after June 9, 2015 reservations will be accepted on a space- and rate-available basis.  Please only reserve the number of rooms that you will be using – cancelling rooms on or after the cut-off date prevents other members from receiving the EFC special rate and may lead to penalties for EFC.



Register Early

To receive a $200 early-bird registration discount you must register on or before June 9, 2015.  The early-bird registration rate for members and affiliate members is $665.00, and for non-members is $1,025.00.  After June 9, 2015, the member and affiliate member registration rate is $865.00 and $1,225.00 for non-members.  Please register via the EFC website HERE.  (Note: You must be logged onto the EFC website using your user name and password to receive the EFC member registration rate.)


Cancellation, Refund, Complaint Policy

All registration cancellations requests must be made in writing (e-mail is acceptable) to Gail daMota at  Full refunds will be provided for cancellation requests made on or before June 9, 2015. Requests made after June 9 but before July 3, 2015 will receive a 50 percent refund, and requests made after July 3 are not eligible for a refund even if the registrant does NOT attend the conference.  There is no cancellation fee.  For more information regarding administrative policies such as complaint, cancellation and refund, please contact EFC at 202.955.5510 or e-mail Gail daMota at


Continuing Education Credits

Continuing Education Credits may be available for Education Finance Council conferences.  Upon request conference attendees will be provided with a “Certificate of Attendance” and a copy of the conference agenda, showing topics, length of sessions, and name(s) and professional affiliation(s) of presenter(s) for each session.  Attendees wishing to apply for continuing education credits for attending this conference may submit this documentation to the relevant organization in his/her state when applying for such credits. 


·        Program Level: Overview

·        No Prerequisites Required

·        No Advance Preparation Required

·        Program is a “Group Live” Offering

·        CPE Credits Awarded:  TBD


The Education Finace Council is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.  State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:





Wednesday, July 8, 2015


7:30 a.m. – 12:00 p.m.      



8:00 a.m. – 8:30 a.m.        

Board Meeting – Executive Session


8:30 a.m. – 9:00 a.m.        

Board Meeting – Open Session


9:00 a.m. – 9:15 a.m.        



9:15 a.m. – 12:00 p.m.      

EFC Voting Member CEO Meeting (Voting Members Only)


12:00 p.m.                            

Break for Hill Visits / Lunch on Your Own


1:00 p.m. – 5:00 p.m.       

College Success Committee Roundtable Convening


Thursday, July 9, 2015

7:30 a.m. – 4:00 p.m.                                

7:30 a.m. – 8:30 a.m.                
Breakfast Buffet

8:45 a.m. – 9:00 a.m.                
Chairman’s & President’s Welcome

9:00 a.m. – 9:30 a.m.                
U.S. Department of Education Policy Update
Lynn Mahaffie of U.S. Department of Education will discuss the Department’s policy initiatives and priorities with an emphasis on those relating to federal student loans.

Kathleen Smith, Senior Vice President, Public Affairs, Policy & Member Services, Access Group, Inc.

Lynn B. Mahaffie, Deputy Assistant Secretary for Policy, Planning, and Innovation, U.S. Department of Education

9:30 a.m. – 10:00 a.m.              
Congressman David Young (R-IA)
U.S. House of Representatives
Committee on Appropriations

Steven W. McCullough, President & CEO, Iowa Student Loan

10:00 a.m. – 10:30 a.m.          
Consumer Financial Protection Bureau: Priorities & Initiatives
Michael Pierce from the Consumer Financial Protection Bureau (CFPB) will discuss the CFPB’s 2015-16 priorities and initiatives, particularly those that may impact higher education financing, such as the recent request for information regarding student loan servicing.

Patricia Beard, Chief Executive Officer, South Texas Higher Education Authority, Inc.

Michael Pierce, Program Manager for Students & Young Consumers, Consumer Financial Protection Bureau

10:30 am. – 10:45 a.m.            
Coffee Break

10:45 a.m. – 11:15 a.m.          
U.S. Department of the Treasury Update
John Cross has returned to the Office of Tax Policy with the U.S. Treasury Department after serving, since 2012, as Director of the Office of Municipal Securities with the Securities and Exchange Commission.  Mr. Cross has a broad range of experience with municipal finance and he has significant responsibility for legislative, regulatory and budgetary tax matters affecting municipal bonds.  This session will examine the U.S. Treasury Department’s priorities as it relates to tax policy, private activity bonds, and municipal securities.

Scott A. Giles, President & Chief Executive Officer, Vermont Student Assistance Corporation

John J. Cross III, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Treasury Department

11:15 a.m. – 11:45 a.m.          
Congressman John Kline (R-MN)
U.S. House of Representatives                                                
Chair, Committee on Education and the Workforce; Committee on Armed Services

Noel Simpson, Deputy Director and Chief Financial Officer, Rhode Island Student Loan Authority

11:45 a.m. – 12:45 p.m.          

1:00 p.m. – 2:00 p.m.                
Meet Generation NeXt: Understanding Today’s Students
Today’s students, and borrowers, are different.  They have characteristics and expectations that present unique challenges to those of us charged with assisting and financing them through their college/university experience.  Their issues with academic preparation, responsibility and self-esteem, consumer expectations, use of technology and styles of interacting, not to mention financial literacy, all impact their persistence and academic success at school and into the workplace.  Further complicating our work is the current and highly publicized interest in higher education affordability and outcomes issues and the fact that student debt is the biggest debt category in the USA, to which everyone is challenged to respond at organizational levels.  This program will help student loan professionals understand the social, personal and academic traits and preferences our students bring to college and how these characteristics impact learning, persistence and financial behavior, with ideas for how we can best help all of our students reach their educational, personal and financial goals and adjust and manage our organizations accordingly.

Tony Williams, Executive Director, Arkansas Student Loan Authority

Mark Taylor, M.S.W., Ed.D., Taylor Programs

2:00 p.m. – 2:45 p.m.                 
Macrotrends in Marketplace Lending
From consumer and small business lending to payment processing to crowd funding to wealth management to insurance, financial technology or "FinTech” is an emerging disruptor to the traditional providers and delivery of financial products and services.  A panel of experts in “marketplace lending” will discuss how and why this particular area of FinTech is growing rapidly, what’s likely in store for the near term and how this new business model for lending will impact traditional financial institutions and lending models.

Paul B. Sheldon, Managing Director, S L Capital Strategies LLC

Stephen Dash, Founder and CEO, Credible                     
Robert S. Lavet, General Counsel, Social Finance, Inc.
Alec Reinstadtler, Vice President, Business Development, Loan Science
Barbara Thomas, Managing Director, Head of Student Loan Banking Group, Morgan Stanley

2:45 p.m. – 3:00 p.m.                
Snack Break

3:00 p.m. – 4:00 p.m.                
Institutional Risk Sharing – Is This An Idea Whose Time Has Come?
The Federal Reserve Bank of New York reported that as of Q4 of 2014, only 29 percent of student loan borrowers were current in their payments with their balances decreasing.  Another 34 percent were current but shockingly, their balances were increasing.  Student loan debt is the top higher education issue and as part of the discussion, institutional risk sharing of the federal investment in student success and college affordability is now on the Congressional radar.  A panel of experts representing a range of viewpoints on institutional risk-sharing will debate the merits and consequences of the various concepts being discussed in Washington, DC.

Gail daMota, Senior Vice President & Chief Operating Officer, Education Finance Council

Beth Akers, Fellow, Brown Center on Education Policy, Brookings Institution
Justin Draeger, President, National Association of Student Financial Aid Administrators
Jonathan S. Fansmith, Director, Government Relations, American Council on Education
Andrew P. Kelly, AEI Resident Scholar and Director, AEI Center on Higher Education Reform, American Enterprise Institute

4:00 p.m. – 5:00 p.m.                
Private and Federal Student Loans: An Examination of Student Loan Debt, Delinquency, Default and Bankruptcy
In April 2015 two important research reports were released—one from The Federal Reserve Bank of New York and the second from The Federal Reserve Bank of Philadelphia.  The first report analyzes the most recent student loan data, offering new insights into the current $1.3 trillion in student loan debt, loan performance, and the implications this growing debt level has for borrowers and the economy.  The second report examines bankruptcy filing and delinquency rates of private student loan borrowers in response to the 2005 bankruptcy reform on private and federal student loan debt.  Representatives from these agencies will present the findings of these reports and discuss the related implications.

Tim Webb, Vice President, First Southwest Company

Dubravka Ritter,
Senior Industry Specialist in the Payment Cards Center, Federal Reserve Bank of Philadelphia
Wilbert van der Klaauw, Senior Vice President, Director, Center for Microeconomic Data Research and Statistics, Federal Reserve Bank of New York

5:00 p.m. – 6:00 p.m.                                
Cocktail Reception

6:00 p.m. – 8:00 p.m.                                

Friday, July 10, 2015

7:30 a.m. – 10:00 a.m.             

7:30 a.m. – 8:30 a.m.                
Breakfast Buffet

8:30 a.m. – 9:30 a.m.                
A Conversation with Key Congressional Staff Members
A bipartisan, bicameral panel of Education Committee staff will provide an overview of the status of the Reauthorization of the Higher Education Act as well as key proposals being considered.

Debra J. Chromy, Ed.D., President, Education Finance Council

Bryce W. McKibben, Education Policy Advisor, Committee on Health, Education, Labor, and Pensions (Minority Office), United States Senate  
Brian Melnyk, Professional Staff Member, Committee on Education and the Workforce, U.S. House of Representatives
Robert Moran, Deputy Policy Director for Education, Committee on Health, Education, Labor, and Pensions, United States Senate

9:30 a.m. – 10:15 a.m.             
Introducing Private Capital into the Federal Student Loan Program – Is Now the Time?
In March 2015 the Federal Reserve Bank of New York announced that outstanding student loans had reached a mind blowing $1.3 trillion.  As this number grows each quarter, proposals to introduce private capital into the Federal student loan program are becoming more palatable and even intriguing to members of Congress and the U.S. Treasury.  A panel of experts will discuss the challenges and opportunities of these public/private partnerships proposals.

Steven W. McCullough, President & CEO, Iowa Student Loan

Joseph Santoro, Director, Bank of America Merrill Lynch
Bart Steenbergen, Managing Director and Co-Head Origination and Structuring, U.S. Securitization Group, BMO Capital Markets
Jeffrey Wagner, Managing Director, RBC Capital Markets

10:15 a.m. – 11:00 a.m.          
UDAAP & UBIT: Legal Issues Affecting the Student Loan Industry
A panel of legal experts will provide an update on two key regulations affecting the student loan industry:  Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) and Unrelated Business Income Tax (UBIT).  The discussion is geared to CEOs and executive management of nonprofit student loan organizations and will focus on why these laws/regulations are relevant and ways to mitigate risk of violation.

Anne Gish, Partner, Kutak Rock LLP

Jonathan L. Pompan, Partner & Co-Chair CFPB Task Force, Venable LLP 
Carrie Garber Siegrist, Esq., Associate, Venable LLP

11:00 a.m. – 11:45 a.m.          
A Conversation with EFC President: An EFC and Federal Update
EFC president Debra Chromy will provide a status update on EFC’s Strategic Plan and advocacy efforts as well as a broader federal update.  This will be an interactive session encouraging audience participation in the discussion.

Noel Simpson, Deputy Director and Chief Financial Officer, Rhode Island Student Loan Authority

Debra J. Chromy, Ed.D., President, Education Finance Council

11:45 a.m.