The other business shall comprise private education loan origination and servicing operations – including Sallie Mae Bank and the private education loans that the company presently holds – which will operate separately under Sallie Mae. Joseph DePaulo, the current executive vice-president, banking and finance, will lead this business as chief executive officer. The consumer banking business is expected to include approximately $9.9 billion of total assets, including mainly private education loans and related origination and servicing platforms, cash and other investments as well as Sallie Mae Upromise Rewards program. The decision to separate Sallie Mae's operations comes after the suspension of new federal student loan origination, in compliance with the legislation passed by both the House and the Senate in 2012. This legislation effectively removed federal subsidy to the company.