NSLDS tidbit

We're sure this is leaked out to more than just us. But it seems that the Department of Ed is getting ready to unveil their NSLDS access guidelines. The primary point we understand is that NSLDS can only be accessed by lenders/marketers IF they have a signed promissory note from a borrower. It also seems that the Department is planning on instituting some accountability for NSLDS access and guideline adherence to the point that an organization's CEO must assume responsibility. For heaven's sake....it's NSLDS not Sarbanes-Oxley!

We don't know how much of this will become part of the regs, but it appears to be weak to us. We were dissapointed to see that there is no effort to run NSLDS as a credit bureau and have the credit bureau regulatory agencies oversee NSLDS. If you ask us, the Department has really done nothing substantial. The privacy issues still exist, the usage risks still exist....it's just not enough. We're hoping that our intel does not pan out and the Department ends up handling this properly.