This week the Department of Education announced that it will discharge all remaining federal student loans for borrowers who attended any campus owned or operated by Corinthian Colleges Inc. The relief will total $5.8 billion and cancel debt for 560,000 borrowers, without any additional action needed.
Letters to Regulators: Letter to HUD on Needed Loan Modification Enhancements to Address Rising Interest Rates
AFREF joined a letter to HUD urging them to adopt enhancements to the FHA COVID-19 waterfall to address the impact of rising interest rates.
AFREF joined a letter in support of HUD’s proposed amendment to 24 C.F.R. § 203.616, which would increase the maximum payment term of a loan modification from 360 months to 480 months.
WASHINGTON, D.C. — Proposals by the Securities and Exchange Commission to prevent misleading use of labels on funds that weigh environmental, social and governance factors and to require critical disclosures about these funds’ strategies are a welcome step toward protecting investors who choose these types of investments.
WASHINGTON – The predatory lending practices of EasyPay Finance and Utah-based, FDIC-supervised Transportation Alliance Bank (TAB Bank) are hurting military servicemembers, veterans, and their families, according to a new report from a coalition of consumer advocacy groups released in advance of Memorial Day.
WASHINGTON, D.C. – The Paycheck Protection Program, a critical pillar of the CARES Act pandemic relief legislation, failed to equitably distribute money despite an avowed goal of focusing on small businesses, according to a new report from seven public interest organizations and labor unions.
In addition to adopting other reforms for future relief programs, the U.S. Small Business Administration should use its statutory power to claw back improperly issued or misused loans. Those cases might include PPP loan recipients who failed to spend at least 60% of their loan proceeds on employee wages, and cases where recipients used the money to issue stockholder dividends, buy back stock, or award executive bonuses.
The Paycheck Protection Program, a critical pillar of the CARES Act pandemic relief legislation, failed to equitably distribute money despite an avowed goal of focusing on small businesses, according to a new report from AFREF and six other public interest organizations and labor unions.
Letters to Regulators: Letter in Response to the Federal Reserve’s RFI on a Central Bank Digital Currency
AFREF and Demand Progress submitted a letter in response to the Federal Reserve’s Request for Information on a Central Bank Digital Currency (CBDC). In the submission, we urge the Fed to consider privacy and fraud protection, and also point to other alternatives to CBDC the Fed could pursue to promote broader financial inclusion.
In today’s polarized environment, it’s refreshing to see the banking industry and consumer advocacy organizations in agreement over the fact that industrial loan corporations or industrial banks only serve as a loophole for large companies to own a bank. These odd bedfellows range from the Center for Responsible Lending, Americans for Financial Reform and the Woodstock Institute on one end, to the Bank Policy Institute, PNC and the Independent Community Bankers of America on the other.
A new report finds that the private equity industry owned close to 700 utility-scale power generation facilities in the United States in 2021 that emitted about 200 million metric tons of carbon dioxide annually.