Statement of the American Bankers Association before The Subcommittee on Education, Arts, and the Humanities of the Committee on Labor and Human Resources United States Senate October 11, 1979 Senator PELL. Hopefully. Basically, you support the Williams' bill? Mr. DAVIDSON. Right. Senator PELL. But not the House bill? Mr. DAVIDSON. No. Senator PELL. Or the Kennedy-Bellmon bill? Mr. DAVIDSON. No. Not the administration bill, I beg your pardon. Senator PELL. Not the administration bill? Mr. DAVIDSON. No. Senator PELL. Right. All right. Senator Stafford? Senator STAFFORD. Mr. Chairman, I have no questions of the present witness. I might say, my people in my State seem to agree with you, they prefer the status quo rather than some change. Senator PELL. I am still very impressed with your very high rate of repayment. You virtually lack delinquency, both on the student loans and on the consumer loans. Do you have an extra percentage of your staff engaged in followup? What is the reason for your success? Mr. DAVIDSON. I think we police our loan activity well, Senator. Especially in today's money economy, you have to. We service a high per capita income area. We are in the northern part of New Jersey. That has a lot to do with it, too. We are not suffering any layoff in the job market in our particular sector of New Jersey. So that has quite a bit to do with it. Senator PELL. You will give a loan to anybody. Are you saying a young man can walk in off the street, no employment, living apart from the family, black, and poor, and you would give him a loan? Mr. DAVIDSON. Student loan? Senator PELL. Yes. Mr. DAVIDSON. Yes. Senator PELL. That is good. That is not true in some parts of the country. I thank you very much for being with us, for your testimony, and appreciate knowing your views. And if we need more information, we will be back in touch with you and your Association. Mr. DAVIDSON. Thank you very much. [The prepared statement of Mr. Davidson follows:] Statement of the American Bankers Association before The Subcommittee on Education, Arts, and the Humanities of the Committee on Labor and Human Resources United States Senate October 11, 1979 Senator PELL. Hopefully. Basically, you support the Williams' bill? Mr. DAVIDSON. Right. Senator PELL. But not the House bill? Mr. DAVIDSON. No. Senator PELL. Or the Kennedy-Bellmon bill? Mr. DAVIDSON. No. Not the administration bill, I beg your pardon. Senator PELL. Not the administration bill? Mr. DAVIDSON. No. Senator PELL. Right. All right. Senator Stafford? Senator STAFFORD. Mr. Chairman, I have no questions of the present witness. I might say, my people in my State seem to agree with you, they prefer the status quo rather than some change. Senator PELL. I am still very impressed with your very high rate of repayment. You virtually lack delinquency, both on the student loans and on the consumer loans. Do you have an extra percentage of your staff engaged in followup? What is the reason for your success? Mr. DAVIDSON. I think we police our loan activity well, Senator. Especially in today's money economy, you have to. We service a high per capita income area. We are in the northern part of New Jersey. That has a lot to do with it, too. We are not suffering any layoff in the job market in our particular sector of New Jersey. So that has quite a bit to do with it. Senator PELL. You will give a loan to anybody. Are you saying a young man can walk in off the street, no employment, living apart from the family, black, and poor, and you would give him a loan? Mr. DAVIDSON. Student loan? Senator PELL. Yes. Mr. DAVIDSON. Yes. Senator PELL. That is good. That is not true in some parts of the country. I thank you very much for being with us, for your testimony, and appreciate knowing your views. And if we need more information, we will be back in touch with you and your Association. Mr. DAVIDSON. Thank you very much. [The prepared statement of Mr. Davidson follows:] |