The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. To further the goal of protecting borrowers nationwide, the Biden-Harris Administration is taking steps to hold student loan servicers accountable for meeting their obligations to students, borrowers, and taxpayers when managing student loans.
On October 24, 2023, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law.
CUNA highlighted credit union service to veterans and called for support for the Veterans Member Business Loan Act in a message to Congress sent Wednesday. The bipartisan legislation—introduced in the House and Senate—would exempt loans to veteran owned business from the member business lending cap.
Following record-breaking unemployment numbers in the early stages of the COVID-19 pandemic, congress passed the CARES Act, which invoked a moratorium on home foreclosures and provided loan forbearance options for federally-backed mortgages. While the relief options offered through the CARES Act applied only to federally-backed mortgages—which comprise about 70% of the total—many private lenders offered similar protections.
The Federal Trade Commission is providing full refunds to consumers who lost money to the NTS IT Care tech support scheme, which tricked consumers into buying expensive and unnecessary tech support services and often claimed to be affiliated with Microsoft, Apple, and other tech companies.
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