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Educational News

Navient Ordered to Stop Collections on Discharged Student Loans

Source: site A bankruptcy judge ordered student loan servicer Navient Corp. to suspend its efforts to collect payments from borrowers of certain private student loans who filed for bankruptcy and whose debts were likely eligible for a discharge. Judge Elizabeth Stong…
Educational News

Half Of Americans Support Biden Forgiving $10,000 In Student Loans, Poll Finds

Source: site A new poll shows 51% of Americans support the idea of President Joe Biden canceling $10,000 of student loan debt for each borrower, illustrating how split the public is regarding one of the president’s early campaign promises. Key Facts…
Legal News

NY Dept. Of Financial Services Issues Overdraft/NSF Fee Guidance

Source: site The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises. The DFS indicates that, through the supervisory process, it has identified…
Legal News

CFPB Tightens Obligations Of Credit Bureaus, Users Under FCRA’s ‘Permissible Purpose’ Provisions

Source: site On July 7, 2022, the Consumer Financial Protection Bureau issued an advisory opinion interpreting the “permissible purpose” provisions of the Fair Credit Reporting Act (FCRA). The advisory opinion states that consumer reporting agencies (CRAs) may not share consumer reports unless they…
Bankruptcy News

Miami payday loan operator ordered to pay $39 million to Venezuelan investors in SEC case

Source: site A Miami payday loan business must pay more than $39 million to hundreds of Venezuelan Americans in South Florida who lost a chunk of their money after investing in the company, according to a federal judge’s order. Sky Group…
Government News

Big U.S. banks’ second quarter profits to tumble on higher bad loan reserves

Source: site NEW YORK (Reuters) – Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession. Analysts expect JPMorgan Chase…
Educational News

The Biden Administration’s Proposed Policy To Reduce Student Debt Is Only Going To Make the Problem Worse

Source: site On Wednesday, the Biden administration announced it was proposing new regulations for student loans owned by the Department of Education. The proposed rules call for an $85 billion expansion of existing federal student loan forgiveness programs. They would expand eligibility for programs created…
Educational News

Biden’s Education Department Proposes $85 Billion In New Student Loan Cancelations

Source: site Discussion about whether President Biden will forgive $10,000 in student loans for all borrowers dominates headlines. But behind the scenes, Biden’s Department of Education has canceled tens of billions of dollars by turbocharging existing loan forgiveness programs. A set of proposed…
Legal News

CFPB Furthers Protection Of Customer Privacy

Source: site The Consumer Financial Protection Bureau (CFPB) has issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act (FCRA). The CFPB’s new ruling clarifies that reporting…
Legal News

11th Cir. Reiterates That TILA Periodic Statements May Violate FDCPA

Source: site The U.S. Court of Appeals for the Eleventh Circuit recently held that periodic statements required by the federal Truth in Lending Act may violate the federal Fair Debt Collection Practices Act if they are not truthful and fair. A…