The Democratic presidential candidate argued in a blog post that the U.S. could avoid a recession by canceling most student debt and authorizing regulators to more aggressively monitor leveraged lending.
A major issue in consumer finance regulation in mid-20th century was what counted as “credit” and was therefore subject to state usury laws and (after 1968) to the federal Truth in Lending Act. Many states had a time-price differential doctrine that held that when a retailer sold goods for future payment, the differential between the price of a cash sale and that of credit sale was not interest for usury law purposes.
The digital bank has grand ambitions for its new student loan refinancing platform as it looks to finally turn a profit for its parent company, Customers Bancorp.
Student CU Connect CUSO, which had made high-risk loans to students of the now-bankrupt ITT Technical Institute, agreed to a settlement resulting in an estimated $168 million of loan forgiveness.
The San Diego parent of Ascent Student Lending said Tuesday that it will buy Skills Fund, an Austin, Texas, startup that specializes in lending to students at computer-coding boot camps.
It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed.
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.
Conduent Education Services has agreed to pay $3.9 million to the CFPB for failing to provide accurate account balances on more than 200,000 student loans.
