The American Bankers Association Foundation released a new infographic today providing consumers with information on common scholarship and student loan scams and tips on how to avoid falling for them.
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The CFPB today finalized an advisory opinion pilot program that allows entities seeking to comply with existing regulations to request an advisory opinion from the bureau to address areas of uncertainty.
The American Bankers Association expressed its opposition today to two bills that would change the bankruptcy code, writing in a memo to the House Judiciary Committee that the “bills would increase the cost of borrowing and reduce the availability of credit.”
ABA this week joined a coalition of housing and financial trade groups in a letter urging the Federal Housing Administration to change its current underwriting policy on student loan debt, noting that current requirements “may be disqualifying otherwise creditworthy borrowers” from qualifying for FHA financing.
The American Bankers Association wrote to Senate Armed Services Committee Chairman Jim Inhofe (R-Okla.) today to oppose two private student loan amendments included in the House version of the National Defense Authorization Act that the association noted were “financially infeasible and could lead banks to exit the private student loan market.”
Employers will be able to make tax-free contributions to their employees’ student debt, according to one provision of the recently enacted CARES Act.
The Alternative Reference Rates Committee today issued a consultation on draft fallback language for variable-rate private student loans that reference the U.S. dollar London Interbank Offer Rate.
Violations of Regulation X–including the failure of some mortgage servicers to provide certain loss mitigation notices, providing incomplete notices or not providing notices within the time required–are among the examiner observations included in the Consumer Financial Protection Bureau latest “Supervisory Highlights” report.
Outstanding household debt increased by 0.7% in the third quarter of 2019, rising by $92 billion to land at $13.95 trillion, the Federal Reserve Bank of New York reported today.