Collection Agencies Financial services Garnishment Student Loans 
Troutman Sanders
JULY 7, 2021
The law does not impact most third-party collection agencies, but it does impact some creditors and debt buyers. On June 30, Maine Governor Janet Mills declined to veto a new law that expands consumer protections against garnishments. For more information, click here. For more information, click here.
Troutman Sanders
MARCH 22, 2021
Department of Education announced that about 72,000 student loan borrowers, who were defrauded by their schools, will receive student loan forgiveness that could total $1 billion. The bill also would require such payments to be encoded, and would extend other restrictions on collection of such funds.
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Better Credit Blog
APRIL 1, 2022
If you fall into hard times, the inability to pay off your credit card bills or student loans can result in your debts being transferred to a debt collection agency. They recently acquired Alltran Financial Services in 2020. If they are unable to provide them, you are NOT entitled to pay that collection.
Collection Industry News
JULY 20, 2020
The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.
Troutman Sanders
NOVEMBER 8, 2022
On November 2, the Consumer Financial Protection Bureau (CFPB) released a blog post, exploring the potential impact of student loan payment reinstatement. The CFPB found that student loan borrowers are increasingly likely to struggle once their monthly student loan payments are reinstated.
Troutman Sanders
MAY 23, 2023
On May 18, the House Financial Services Committee Subcommittee on Digital Assets, Financial Technology, and Inclusion hosted a hearing, titled “‘Stable’ in ‘Stablecoins’: How Legislation Will Help Stablecoins Achieve Their Promise.” administrative penalty for operating as an unlicensed student loan servicer.
Troutman Sanders
JANUARY 19, 2021
Department of Education to continue excusing borrowers from making payments on their student loans in light of the COVID-19 pandemic. On January 20, President-elect Joe Biden is expected to nominate Rohit Chopra as director of the Consumer Financial Protection Bureau. For more information, click here.
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