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Daily Digest – July 12. Ed. Dept. Cancels More Loans; WH Seeks to Slow Bank Mergers, Give Consumers More Control of their Financial Data

Account Recovery

CANCELS MORE LOANS FOR MISLED STUDENTS The Department of Education on Friday announced it was canceling an additional $56 million in student loans for 1,800 individuals who were misled by three different for-profit institutions about their employment and salary prospects and the transferability of credits from the schools to other institutions.

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Senators Accuse CEO of Student Loan Servicer of Lying in Congressional Testimony

Account Recovery

The Chief Executive of one of the nation’s largest student loan servicing companies is being accused of lying in testimony before Congress, as the companies winds down its operations servicing student loans on behalf of the federal government.

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State Regulators Ask Ed. Dept. To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors

Account Recovery

To Rescind Guidance and Make it Easier to Investigate Student Loan Collectors appeared first on AccountsRecovery.net. The letter was written by … The post State Regulators Ask Ed. The letter was written by … The post State Regulators Ask Ed.

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Employers Need Education on Student Loan Garnishments

Account Recovery

While still a few months off on the horizon, the date on which individuals with unpaid student loans may start seeing their paychecks and bank accounts garnished is approaching.

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Paycheck Pinch: How Even Six-Figure Earners Are Feeling the Squeeze

Account Recovery

Rising consumer debt, limited emergency savings, and unpredictable economic pressures mean more borrowers may rely on short-term loans, subprime credit cards, or buy now, pay later plans. By the numbers: What theyre saying: Being cash poor is a way of life for most Americans, says Rodney Williams, president and co-founder of SoLo.

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Redlining Accusations Lead to $9M Enforcement Action for Lender

Account Recovery

The settlement, which could total over $9 million, includes both penalties and funds aimed at increasing access to mortgage loans for these historically underserved communities. This lack of outreach led to a much lower rate of loan applications from Black residents compared to similar lenders.

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Continuous Financial Education for Women Small Business Owners

Fico Collections

Continuous Financial Education for Women Small Business Owners. FICO-hosted panel at NAWBO’s 2022 Advocacy Days discusses how financial education impacts access to capital and business growth for small businesses. There is a main asset that entrepreneurs use to start up their business and qualify for a small business loan.