Word: citibank
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...choose the first entry on a school's list of "preferred lenders," lots of colleges have used these lists to get lower rates for more borrowers, and some lenders have tacked on revenue-sharing deals. "We believed it made good sense to use money that would otherwise go into Citibank's pockets to give more financial aid to N.Y.U. students," New York University spokesman John Beckman said in a statement. His school and five others agreed this month to swear off revenue sharing and repay students nearly $3.3 million...
...With Congress and at least two states investigating questionable relationships between colleges and lenders, Citibank this month became the first student loan provider to adopt this code of conduct, which also expressly bans revenue-sharing arrangements in which lenders route a percentage of student-loan revenue back to the schools that steered them the business. Cuomo announced last month his intention to sue Education Finance Partners for paying schools to include it on their list of preferred lenders. Since then, several universities have agreed to adhere to Cuomo's code and also to reimburse students nearly $3.3 million gleaned from...
...been approached by several institutions in recent years about starting revenue-sharing deals, it declined to engage in this activity. "No schools are being asked to return money as a result of their relationship with Sallie Mae," the company said in a statement released Wednesday. However, Sallie Mae and Citibank have agreed to contribute $2 million apiece to a new fund administered by Cuomo's office to educate college-bound students about their loan options...
...three, Internet CEOs have become obsessed with making cell-phone versions of everything we used to get on our desktops. It's the Internet equivalent of Manifest Destiny. You can already get Google and YouTube and CitiBank on your phone. Now that you can Twitter from your phone, there's no longer any reason to look up at the world around...
...That may be why Citibank, the number four retail bank in the U.S., chose to launch its application without partnering with a carrier. The downside of this strategy is that the onus will be on the user to download the application, and even once they do, the Citi Mobile icon will be hard to find since it will be buried inside menus on each phone. When Wachovia launches its mobile-banking service later this year, on the other hand, its icon will get prominent placement on AT&T branded phones...