June 15, 2007

Cuomo Takes Aim at Federal Regulators and Education Department

By KELLY FIELD

Federal banking regulators have exercised lax oversight of the private student-loan industry, New York's attorney general, Andrew M. Cuomo, told members of the Senate banking committee last week.

Testifying before Congress for the second time in six weeks, Mr. Cuomo, who is conducting a high-profile investigation into student-lending practices, likened the private-loan industry to the "Wild West."

"Some of the worst practices we have seen in our investigation came out of this

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