2012 Student Loan Forgiveness Act

OFFICIAL SUMMARY The following summary was written by the Congressional Research Service, a nonpartisan arm of the Library of Congress, which serves Congress. 3/8/2012–Introduced. Student Loan Forgiveness Act of 2012 – Amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a 10/10 Loan Repayment Plan that allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to limit their monthly payment on such loans to one-twelfth of 10% of... 

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NYLIFEORDEBT.COM GEARS UP FOR 14TH ANNUAL NATIONAL CONSUMER PROTECTION WEEK

(New York, New York)– (March 5, 2012) – Marcy Einhorn Enterprises, LLC is joining with federal, state, and local government agencies and national organizations to celebrate the 14th annual National Consumer Protection Week (NCPW) March 4-10, 2012.  During NCPW, groups nationwide share tips and information that help consumers protect their privacy, manage money and debt, avoid identity theft, and avoid frauds and scams. This year, NYLifeordebt.com and Marcy Einhorn Enterprises, LLC will... 

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NEDAP Blasts Capital One/ING Merger Approval

Here, unedited, is NEDAP’s press release, criticizing approval of this merger: STATEMENT FOR IMMEDIATE RELEASE                                                 February 17, 2012 CONTACT: Sarah Ludwig or Alexis Iwanisziw, 212-680-5100                                                               NY GROUPS BLAST FEDERAL RESERVE FOR APPROVING BEHEMOTH CAPITAL ONE-ING MERGER Fed... 

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Crusading Prosecutor Needed

Plea negotiations are underway for a big culprit in the mortgage meltdown in Queens County, however, the problem goes far beyond any individual actor.  As described in today’s NYT’s, what is needed is a full-throttle investigation into the highest levels of  decision making for the reckless lending and heedless securitization by the banks.  The call has gone out for Obama to take a leadership position on this inquiry, and create an interagency task force to pursue civil and criminal... 

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Cordray Describes Focus of CFPB

As reported by the Center for Responsible Lending:  Nonbank financial firms will become a primary focus for the agency, including money transfer agencies, credit bureaus, and private mortgage lenders given that nearly 20 million Americans use their services and pay about $7.4 billion in fees annually. Cordray noted, “Many subprime loans during the housing bubble were made by nonbank mortgage brokers. Since most of these businesses are not used to any federal oversight, our new supervision... 

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CFPB Welcomes Whistleblower Tips

The CFPB welcomes, and expressly protects, whistleblowers who have information about possible violations of Federal consumer financial protection laws.  Section 1057 of the Dodd-Frank Act protects employees and their representatives from retaliation for reporting on vendors, contractors, and competitors who may have violated these laws.  A recent press release advises: Knowledgeable sources with information about potential violations of Federal consumer financial laws may email their information... 

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Pew Study of Bank Fees Reported on in Hispanic Business News

  This article is reprinted from the Hispanic Business News: High Fees, Charges Cause Bank Depositers To Close Accounts Oct. 27, 2011 Angela Carter, New Haven Register, Conn. In Connecticut, 73,000 Households — or 5.3 percent — are unbanked, meaning they lack a checking or savings account, and the numbers are significant nationwide. According to a 2009 survey by the Federal Deposit Insurance Corp., 31 percent of U.S. households that closed a bank account... 

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Income Based Loan Repayments

Today’s NYTimes reports on new federal statistics about student debt and a little-known program to help students repay their loans when they fall on hard times after graduation.  This program is known as Income-Based Repayment, and you can find information about how it works here:  http://www.ibrinfo.org/how.vp.html There’s been a spike in student loan defaults that’s attributable not only to the bad economy, but to the for-profit college industry, which is growing at a fast... 

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Student Loan Bankruptcy Bills Pending

A coalition of Democrats have proposed bills in both the House and Senate which would offer bankruptcy protection to students who have taken out private student loans. Back in the 70′s when the Bankruptcy Code was being revised, private student lenders managed to carve out an exception for themselves and students were denied the protection of listing their private student loans in a bankruptcy petition, a carve out that has never been given to any other private lender.  The thinking at the... 

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