The U.S. government stepped up collections on delinquent student debt to $2.9 billion last year — or an average of $1,000 from 2.9 million former students and their cosigners, according to the Treasury Department.
Some banks have backed away from the technology, but Northern Trust, State Street and JPMorgan Chase are among those actively working on blockchain projects.
The legislation from Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez is part of an effort to shift the range of what is thinkable in Washington to the left. It may also serve to highlight the vulnerabilities of Democrats with bank-friendly records.
Financial institutions have often criticized the agency’s publication of consumer complaints. But the information provided can offer executives important insights into looming problems that might not yet have come to light.
