Ernest Newborn elected chair of USA Funds board of trustees

INDIANAPOLIS — USA Funds^®, the nation’s leading education loan guarantor, announces the election of Ernest J. Newborn II as chairman of the USA Funds board of trustees.

A member of the USA Funds board since 2000, Newborn has chaired the executive and audit committees of the USA Funds board.

“Despite the current focus on the capital market’s credit and liquidity crisis, student loans remain an important resource for financing higher education to promote the economic, social and cultural growth of our nation,” Newborn said. “With the backing of an experienced and committed board of trustees, I look forward to supporting the exceptionally strong USA Funds management team and staff as we explore together ways in which USA Funds can help students and families prepare for, pay for and succeed in higher education.”

Newborn is senior vice president, general counsel and corporate secretary of USI Holdings Corporation, which is headquartered in Briarcliff Manor, N.Y., and is the eighth largest insurance brokerage firm in the United States. Newborn previously served as vice president, general counsel and corporate secretary of Acordia Inc., a formerly Indianapolis-based publicly held insurance brokerage administration company, and also as associate counsel for Indianapolis-based WellPoint Inc., formerly known as Anthem Inc. 

Newborn received his undergraduate degree from Drake University in Des Moines, Iowa, and his law degree from the University of Michigan in Ann Arbor, Mich.

Newborn succeeds William R. Neale, who completed his term as chairman of the USA Funds board. Neale continues to serve as a member of the USA Funds board.

“During Bill Neale’s eight years as chairman, USA Funds made a successful transition as an independent nonprofit organization, retained its status as the nation’s premier student loan guarantor, and significantly increased its investment in debt management initiatives and higher education access and outreach programs,” Newborn said. “Bill’s contributions have both strengthened USA Funds and enhanced higher education opportunities for millions of students.”