The U.S. Department of Education (Department) today announced the next step in its ongoing efforts to provide student debt relief—a set of proposed rules that, if finalized, would authorize loan forgiveness for approximately 8 million borrowers experiencing hardship. If these rules are finalized as proposed, the Secretary of Education could waive up to the entire outstanding balance of a student loan when the Department determines a hardship is likely to impair the borrower’s ability to fully repay the loan or render the costs of continued collection of the loan unjustified.
The National Credit Union Administration Board held its seventh open meeting of 2024 and received briefings on:
On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access rights to the data their financial institutions hold. Although there are some differences, the Final Rule largely tracks the Proposed Rule announced by the CFPB last year on October 19, 2023, with the largest concession coming in the form of the extended effective date.
On October 21, Minnesota Attorney General Keith Ellison announced a settlement with two debt settlement companies, Financial Solutions Group and Accelerated Debt Settlement.
So R.E.A.C.H. just wrapped up meetings with the FCC–including the bureau and the offices of each commission. (Ex parte filings here: Exparte Comment to FCC re 10082024-StarksExparte Comment to FCC re 10152024-SimingtonExparte Comment to FCC re 10162024-Chairwoman RosenworcelExparte Comment to FCC re 10182024-GomezREACH Exparte Comment 10072024 – Bureau)
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