2020 Democrats want to overhaul a student-loan forgiveness program for public servants

If a Democrat wins the White House in 2020, a revamp of the beleaguered student-loan forgiveness for public servants could be on the table. Many of the leading candidates are backing a plan that would expand the loan and repayment types eligible for the Public Service Loan Forgiveness program (PSLF) and allow borrowers to have part of their loan balance forgiven after five years, instead of waiting for 10 years to qualify for a full loan discharge.

Payday loan reform advocates will try again on ’30-days-to-pay’ bill

Payday lending reform advocates will make another attempt to try to rein in the triple-digit interest rates lenders can charge customers. A bipartisan group of legislators said they would put forward legislation that would extend the period to pay off the short-term loans to 30 days, which could cut the annual percentage rate on the products from 456 percent to about 200 percent. Sen. Arthur Orr, R-Decatur, who has carried similar legislation for the past several years, said at a press conference Thursday morning that the bill was not looking to drive the industry out of the state.

Bill may help millions qualify for popular Public Service Loan Forgiveness Program

A dozen Democratic senators introduced a bill on Thursday to overhaul the popular but challenged Public Service Loan Forgiveness Program.   The legislation, the What You Can Do for Your Country Act,would dramatically expand the pool of student loan borrowers who are eligible to have their debt canceled.

New York State Budget Includes Increase to OCA Statewide Criminal History Record Search Fee

On April 1, 2019, the New York Legislature approved the State Fiscal Year (SFY) 2019-2020 budget that includes a $30 increase to the fee charged by the Office of Court Administration (OCA) for the statewide Criminal History Record Search (CHRS) that raises the cost for the New York OCA search from $65 up to $95.   The purpose of the increased fee for an OCA statewide criminal history record search from $65 to $95 – which will take effect when the budget is signed by New York Governor Andrew M. Cuomo – is to use the entirety of the additional $30 of the fee to fund indigent defense programs in New York state.

Here’s what Jamie Dimon and other bank CEOs said are the biggest risks to the economy right now

The leaders of the biggest U.S. banks have a message for Congress: take a closer look at the ballooning markets for student and corporate loans.  Rep. Jim Himes, D-Conn., asked a panel of seven CEOs, brought together Wednesday for a House Financial Services Committee hearing what they thought were the products or markets that could threaten the U.S. financial system. 

Military personnel caught in crossfire over lending law

The first major standoff between Democratic lawmakers and the Trump-appointed director of the Consumer Financial Protection Bureau is threatening to put military servicemembers at risk. CFPB Director Kathy Kraninger and her congressional critics are clashing over a law meant to protect military personnel from predatory lenders, who can charge interest rates of as much as 400 percent. Kraninger says the bureau lacks the power to monitor violations of the statute — even though the CFPB did just that during the Obama administration — while Democrats insist that it can.

PayThink Generation Z’s taste for digital payments makes open banking vital

Generation Z, whose older members are already entering the workforce, is using digital technology more than any other age group — including millennials. Gen Z’s preferred digital technologies include P2P and B2C digital payments, as opposed to more traditional payment methods. And further, one-third of the Gen Z consumers polled in the survey have never even used a paper check. This group sends and receives money digitally, uses digital apps to manage their budgets and financial accounts, and rarely steps foot inside a brick-and-mortar branch.

New York passes sweeping legislation impacting student loan servicers

On April 1, 2019, New York enacted Article 14-A, governing servicers of student loans owed by New York residents, in connection with New York’s fiscal year 2020 budget. Though sweeping legislation has been anticipated for some time, awareness of the extensive provisions of the new legislation are critical for student loan servicers nationwide.

‘All options’ on the table for cracking down on Wells Fargo – CFPB

Wells Fargo may be headed for yet more regulatory trouble, with the Consumer Financial Protection Bureau telling Congress that “all options” are “on the table” for enforcing a consent order against the bank. The scandal-plagued bank is operating under consent orders that require it to remediate customers harmed by its wrongdoing and institute reforms. Recently, Sen. Elizabeth Warren (D-Mass.) and Sen. Sherrod Brown (D-Ohio) sent inquiries to several regulators asking about Wells Fargo’s progress in satisfying the orders.


Marco Villarreal of Hyundai Capital America joins our distinguished panel of speakers as a roundtable presenter on Vendor Oversight at Collection and Recovery Solutions 2019.   Collection and Recovery Solutions is an invitation-only event, held annually for senior-level collection and recovery professionals.