Troutman Sanders

AUGUST 9, 2021

On August 5, the Consumer Financial Protection Bureau released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections. For more information, click here.

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Financial services Student loans Student Loans Foreclosure 52

Troutman Sanders

JULY 26, 2021

On July 23, the Biden administration initiated a request for information — the formal process of inviting public comment — to address issues with the Public Service Loan Forgiveness (PSLF) program.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

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. On March 17, Virginia Attorney General Mark Herring announced a new law preventing garnishment or seizure of economic support payments.

Financial services 52

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Troutman Sanders

JULY 27, 2020

3841, a bill that protects the stimulus funds under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) from being garnished by judgement creditors and debt collectors, similar to how Social Security payments are exempt from being garnished. The CARES Act offers relief for those with federal student loans.

Financial services 52

Financial services Student loans Student Loans Garnishment 52

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.

Financial services 52

Financial services Garnishment Foreclosure Government 52

Troutman Sanders

APRIL 19, 2021

Pritzker issued an executive order extending the suspension of garnishment, deduction of wages, and post-judgment citations to discover assets through April 30. Additionally, the company is alleged to have falsely promised consumers student loan forgiveness when only the federal government can forgive federal student loans.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

JUNE 22, 2021

Federal Activities: On June 18, the Federal Housing Administration (FHA) announced updates to its student loan monthly payment calculations to help provide greater access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has a disproportionate impact on people of color.

Financial services 52

Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

JULY 7, 2021

On June 30, Maine Governor Janet Mills declined to veto a new law that expands consumer protections against garnishments. For more information, click here. Under the newly enacted law, consumers now can protect $500 per week of their wages, up from $290 a week.

Financial services 52

Financial services Financial Institution Student loans Student Loans 52

Troutman Sanders

FEBRUARY 8, 2021

Department of Agriculture (USDA) announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

AUGUST 31, 2020

Federal Activities: During the week of August 24, 2020, the Consumer Financial Protection Bureau (CFPB) updated pages relating to student loans and its guidance on protecting credit during COVID-19. Pritzker extended Executive Order 2020-25, which includes limits on garnishments and wage deductions.

Financial services 52

Financial services Foreclosure Student loans Student Loans 52

Troutman Sanders

APRIL 5, 2021

Department of Education announced an expansion of the moratorium on federal student loan interest and collections on all defaulted loans under the Federal Family Education Loan program. Guidance outlines expectations and priorities, as well as articulates views regarding appropriate practices for a specific subject.

Financial services 52

Financial services Financial Institution Foreclosure Garnishment 52

Troutman Sanders

MARCH 15, 2021

Citing a need to “weather the current public health and economic crises,” the states asked the Department of Education to reverse using the Privacy Act of 1974 to preclude state regulators from obtaining documents needed for regulatory oversight and to reverse federal preemption of oversight for student loan account servicers.

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Financial services Financial Institution Foreclosure Government 52

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. Making arrest and legal threats such as wage garnishment or property seizure.

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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.

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Consumer Financial Services Law

OCTOBER 16, 2017

11 2017), the debtor, Berry, defaulted on student loans he had taken out with the US Department of Education. Zachary Dunn is an attorney practicing in Smith Debnam's Consumer Financial Services Litigation and Compliance Group. 1692k(c)’s bona fide error defense.

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