News Topic: student loans

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Millions of heroes of the pandemic--health care workers, law enforcement and first responders, National Guard troops, public school teachers, and social workers--are suffering needless financial hardship because of student loans. Years ago Congress ... Read full article

The deal between San Francisco-based lender and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special purpose acquisition company. ... Read full article

The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action. ... Read full article

The $10 billion portfolio of what are described as high-quality private student loans will be serviced by Nelnet. ... Read full article

A group that includes the private equity firms Apollo Global Management and Blackstone Group is in talks to acquire Wells Fargo’s student loan portfolio, according to people familiar with the matter. ... Read full article

The president-elect’s plan to eliminate $10,000 of debt would help borrowers meet other loan obligations, reducing their risk of default. Yet the banking industry seems wary of the precedent it could set. ... Read full article

Jobs will be harder to find for graduates, and there are new underwriting platforms that can better predict students' future income in their chosen field. ... Read full article

Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than $1 billion and is considering whether to find a buyer for its student loan portfolio, according to people familiar with the matter. ... Read full article

With the sector facing serious headwinds — from declining enrollment during the pandemic to the prospect of a Biden administration making college free for many families — the departure of a major player could be a shot in the arm for the likes of Discover ... Read full article

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses. ... Read full article

The industry can gain lifelong members in this demographic by validating their financial concerns as the economy struggles and offering guidance without judgment. ... Read full article

Credit unions need to improve their processes to ensure the problems that have arisen with credit reporting during the coronavirus don't happen again. ... Read full article

Lenders are struggling to deploy deposits into interest-earning assets, and changes to post-secondary education may further limit these options. ... Read full article

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms. ... Read full article

The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur. ... Read full article

A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing. ... Read full article