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Read NACBA’s Last Washington Update of 2017!

 

Take a moment to read NACBA’s last Washington Update of 2017! Stay informed about significant and relevant activity on the part of Congress, regulatory agencies and interest groups/think tanks.

ON THE HILL  Earlier this month, Congressman Tom Garrett (R-VA) introduced H.R.4584, the Student Security Act. H.R. 4584 is described as a completely voluntary program, that would empower borrowers who opt in to receive $550 in student loan forgiveness (or roughly the average cost for 1 credit hour at a public university) in exchange for raising a participant’s full-retirement age for Social Security benefits by 1 month with a maximum amount of $40,150 in debt relief and a corresponding 6 years, 1 month raise in retirement.

Two House Democrats sent letters on December 18th to four of the largest student loan servicing companies, seeking information about their policies and procedures for collecting. Reps. Emanuel Cleaver (D-MO) and Pramila Jayapal of (D-WA) say they’re concerned about “the rising rate of student loan defaults and continuous claims of fraudulent practices in lending, servicing, and collecting” of student loans. The two lawmakers urged the companies to take steps to improve customer service and focus more attention on “high risk” borrowers. Read the letters they sent to the leaders of Navient, Nelnet, Great Lakes and FedLoan Servicing.

On Wednesday, December 13th House Republicans passed a partisan revision of the Higher Education Act that would restructure federal student loans and reduce accessibility to higher education by limiting financial aid options. The bill consolidates the six current federal student loans into three and removes the Graduate PLUS and Parent PLUS loan options. PLUS loans offer no limit and cover the entirety of the institution’s cost of attendance. Under the House’s revision, all federal loans would have maximums, with annual and lifetime loan caps.

IN THE AGENCIES The Education Department announced Wednesday, December 20th a reversal of the Obama administration policy of wiping out student debt. This means that students who were defrauded by the for-profit Corinthian Colleges may not get their loans forgiven entirely. Under President Barack Obama, tens of thousands of students deceived by the now-defunct schools had more than $550 million in federal student loans canceled in full. But Education Secretary Betsy DeVos announced Wednesday she is putting a new process in place that she says is more efficient and fair. The department will now look at average income for specific programs to determine if the loans should be forgiven fully or partially.

California Attorney General Xavier Becerra filed a lawsuit on December 14th against the U.S. Department of Education and its Secretary, Betsy DeVos, for refusing to process debt relief claims submitted by tens of thousands of students who took out federal student loans to attend Corinthian Colleges, Inc. (Corinthian). Students became eligible to apply for this relief after the courts found that Corinthian defrauded these students in violation of California consumer protection laws. More than 1 in 4 of those students with pending debt relief claims resided in California.

FROM THE INTEREST GROUPS Americans for Financial Reform (AFR) strongly condemns the Department of Education’s announcement that they have denied relief to 8,600 borrowers who applied for debt discharges through borrower defense to repayment. The Department has not specified—but must immediately supply—the reasons for those denials, and how many of them came from Corinthian or ITT, schools that closed under the weight of their own illegal and abusive acts. “The news of the Department’s scheme to grant only partial relief to scammed students is just one more piece of an abundance of evidence that the Trump Administration and the DeVos Department of Education care more for the proprietary institutions that break the law than they do for the students they defraud,” said Alexis Goldstein, Senior Policy Analyst at Americans for a Financial Reform. “For Secretary DeVos, it’s predatory companies first, students last.”

 

Feedback should be directed to Krista.DAmelio@NACBA.com

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Bankruptcy News Briefs 6/20

Take A Moment to Read Today’s Headlines…

$200 Debt Turns into $500 Jury Verdict …and $36,000 in Attorney Fees

Second Thoughts: CFPB And Prepaid Card Rules

US TREASURY REPORT A GIFT TO WALL STREET, A THREAT TO CFPB AND EVERYONE ELSE

Harris & Harris, associated debt collection firm allegedly used autodialer to seek debt

Diagnosing the Health of the U.S. Consumer

Starting July 1, some black marks will vanish from credit reports

Consumer Groups Take Aim at Navient for Phone Harassment

Robocalls Hijacking Your Voicemail Is ‘Invasive and Abusive,’ Say Lawmakers

Could Illinois be the first state to file for bankruptcy?

 

Phoney Lawsuits: House Subcommittee Hears Testimony On TCPA ‘Lawsuit Abuse’

Upcoming NACBA Webinar!

Don’t miss NACBA’s comprehensive webinar, “2017 Case Law Updates & Impact on Consumer Bankruptcy Attorneys,Thursday, June 22nd from 3pm-4pm ET with Henry Sommer and Angela Littiwn. This webinar will discuss recent trends in bankruptcy case law, with analysis of cases decided by the Courts of Appeals and other appellate courts. Take a look at the cases they will be discussing and make sure you Register Today!

Cost is $25 for NACBA Members/$75 For NonMembers

Renew Your Membership  For a Chance to Win This Great Resource!

Renew your membership in June to be entered to win a copy of NCLC Consumer Bankruptcy Law and Practice Volume I & II, Eleventh Edition (Value $130). Two winners, will be selected at random each month.

Introduce a New Member to NACBA & Receive a $25 Amazon Gift Card! 

In honor of NACBA’s 25th Anniversary, we want to reward you with a $25 Amazon Gift Card! Introduce a new member to NACBA and we will send you $25 Amazon Gift Card. Not only will YOU receive a $25 Amazon Gift Card but the NEW MEMBER will also receive a $25 Amazon Gift Card! Check out the Requirements and start referring today!

PlayBack NACBA

Can you believe it’s been a month since the 2017 Convention? Was there a session you wanted to attend, but couldn’t? We understand! There were so many incredible sessions available and you can only be in one place at one time, but don’t fret! There is a way that you can relieve NACBA25 visit Playback NACBA and access your  3 Month Pass if you were an attendee!

Not A Member of  NACBA? Join today and receive membership benefits that will enhance your professional endeavors!

Bankruptcy News Briefs 1/31

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President Trump Orders Reduction of Federal Regulations

President Trump Vows to do a “Big Number” on Dodd-Frank

President Says For Every New Regulation Two Must Be Eliminated

CFPB Takes Action Against Attorneys That Charged Illegal Debt Relief Fees

Debt-collection executive Wolfe to plead guilty to fraud charges

Why You’re Probably Going to Die in Debt

3 Student Loan Reforms to Expect Under Trump

Upcoming NACBA Events

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Join us in celebrating 25 years of NACBA on May 4th-7th in Orlando, Florida at the Walt Disney World Swan and Dolphin Resort. Visit NACBA25 for all the details on speakers, sessions, hotel reservations, registration and more!

Register today for the Early Bird Rate that ends March 3rd, 2017 for savings!

Save the Date! New NACBA Webinar in  March

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What to do: Post HAMP for Mortgage Borrower Clients
Date: Thursday, March 16, 2017, 3:00 PM Eastern to 4:00 PM Eastern.
Presented by: Marc Dann Esq., and Bobby Rivera Esq.
Registration opens soon

 

Receive a $25 Amazon Gift Card!

In honor of NACBA’s 25th Anniversary, we want to reward you with a $25 Amazon Gift Card! Introduce a new member to NACBA and we will send you $25 Amazon Gift Card. Not only will YOU receive a $25 Amazon Gift Card but the NEW MEMBER will also receive a $25 Amazon Gift Card! Check out the Requirements and start referring today!

Renew Your NACBA Membership

We want you to have access and the member rate to all of NACBA’s exciting upcoming events in 2017, especially our 25 year celebration at the Annual Convention. Take a moment today to Renew your membership or if your not a member of NACBA there is no better time to Join!