NYSFAAA, Inc. Region V
Meeting Minutes
The Culinary
December 11, 2007
9:30 Toy-for-a-tot collection, mixing and
mingling
10:00 Meeting began by distributing minutes and
handouts.
10:05 Welcoming remarks made by our chair, Roberta
Daskin (
10:10 Jennifer Dwire from HESC provided a HESC
update. HESC is in the process of
designing the Alt Loan Connections platform, as well as the HESC Student
Marketplace.
10:20 Heather McDonnell addressed the region with
an update. In her words, “it’s been all
SLATE since the NYSFAAA Conference in NYC.”
She encouraged the region to keep her or Ursula updated on suggestions
as NYSFAAA will have an influence on the regulations that Joe Frey drafts. Minutes from the previous Executive Council
meeting were distributed.
10:30 Jennifer Trauman, account executive from The
Access Group shared some history on borrower benefits, and speculated on how
they may change moving forward. The terms
of federal student loans are established by statute and regulation, but lenders
historically have created an array of borrower benefits to differentiate
themselves in ways to reduce the cost of loans for borrowers. Jenn explained from a financial perspective
how the passage of the College Cost Reduction Act of 2007 (H.R. 2669) will make
it impossible for the benefits of yesterday to be offered tomorrow. The idea that lenders will need to
differentiate in ways other than “price” was discussed.
10:55 An announcement was
made by Heather McDonnell that the next Executive Council meetings will be held
on February 7th and 8th in
11:00 Discussion arose for several minutes due to a
question from Joe Martinkovic (ASA) regarding FAO’s reporting their personal
banking relationships to the State.
Heather addressed this topic found on “Andrew’s wish list” with a
compromise that Executive Council may suggest to Joe Frey. She proposed the idea that FAO’s would report
their primary personal banking
relationship with the head of Human Resources (at their respective institution
only). There was some initial negative
feedback around the idea. However, after
Heather reminded the region that our respective HR departments typically have
that information anyway (due to direct deposit paychecks), the region seemed
satisfied. Pat Arcuri (from The CIA) commented
that this might be OK, but that any additional
requirements re: personal banking relationships would be an invasion.
11:15 Meeting
adjourned. Time available to mingle /
tour The Culinary Institute of America campus before a terrific meal at the Ristorante
Caterina D'Medici.
