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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On May 3, the CFPB issued an advisory after student loan borrowers submitted complaints regarding companies that promised them student loan forgiveness or loan forbearance in exchange for fees amounting to hundreds or thousands of dollars. trillion to the federal government. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

The letter states that “[b]road cancellation of Federal student loan debt will provide immediate relief to millions who are struggling during this pandemic and recession, and give a much-needed boost to families and our economy. The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Federal Activities: On May 28, the Federal Reserve Board requested public comment on proposed changes to its Policy on Payment System Risk (PSR policy) that governs the provision of intraday credit, or daylight overdrafts, to healthy depository institutions with accounts at the Federal Reserve Banks. Privacy and Cybersecurity Activities.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On June 7, the FTC announced that it is seeking public comments and suggestions on ways it can work more effectively with state attorneys general nationwide to help educate consumers about, and protect them from, potential fraud. For more information, click here. For more information, click here. For more information, click here.