The Bond Market Association (TBMA)* provides comments to the U.S. Department of Education on the findings of the Department’s inspector general in an audit of the student loan lender Nelnet.  TBMA cautions that retroactively imposing new billing standards on lenders threaten far-ranging negative consequences for the issuers of, and investors in, tax-exempt municipal bonds backed by certain 9.5 percent of special allowance payment (SAP) loans.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.