NEW YORK (AP) — Sallie Mae spent $1.52 million lobbying the federal government in the first quarter on issues including last year's overhaul of financial regulations.
That's less than the $1.86 million the student lender spent in the year-ago period, but far more than the $580,000 that the company spent in the fourth quarter of 2010.
The omnibus overhaul of financial regulations last year included the creation of the Consumer Financial Protection Bureau. The agency is charged with policing loans and other financial products marketed to consumers. Although it won't officially be up and running until July 21, staff have already been meeting with companies, consumers and other stakeholders.
Elizabeth Warren, the Harvard professor charged with starting up the agency, has said that a priority for the CFPB will be making it easier for consumers to understand the terms and cost of credit.
It's not yet clear what moves the agency will make in the private student loan industry. But private student loans generally come with higher interest rates than federal student loans and are widely seen as a last resort after other funding sources have been tapped out.
In the January-to-March period, Sallie Mae lobbied Congress, the Federal Deposit Insurance Commission, the Federal Reserve and the Treasury Department, according to the report filed with the House clerk's office. The company also lobbied the government on tax and budget issues.
Sallie Mae, formally known as SLM Corp., is based in Reston, Va.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.
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