Ohio Student Loan Debt

Find out What’s Happening in DC in NACBA’s Washington Update -July 14th

Krista D’Amelio keeps NACBA members informed about significant and relevant activity on the part of Congress, regulatory agencies and interest groups/think tanks in our Washington Update.

On The Hill On Wednesday, July 12, 2017, the House Financial Services Committee held a hearing titled: “Monetary Policy and the State of the Economy”. The witness list included the Honorable Janet Yellen, Chair of the Board of Governors of the Federal Reserve System. In her testimony, Yellen described an economy that appears generally strong, with continued job gains and low unemployment, but that is affected by stubbornly low inflation. During the hearing, House members pressed Yellen on how the Federal Reserve would roll back its balance sheet, the central bank’s role in ensuring full employment and her views on bank supervision. One point of interest came during Full Committee Chairman Jeb Hensarling’s (R-TX) round of questioning. He asked whether the Federal Reserve would ever buy student loans, to which Yellen answered she was unsure about student debts, but can confirm the purchase of Treasury and Agency Securities. Hensarling continued to probe on whether the Federal Reserve has any plans to buy student loans because if the reserve did, it could conceivably forgive student loans of current graduates.

In The Agencies On Monday, July 10, the Consumer Financial Protection Bureau (CFPB) announced a new rule to ban companies from using mandatory arbitration clauses to deny groups of people their day in court. Many consumer financial products like credit cards and bank accounts have arbitration clauses in their contracts that prevent consumers from joining together to sue their bank or financial company for wrongdoing. The CFPB’s rule restores consumers’ right to file or join group lawsuits. By so doing, the rule also deters companies from violating the law. Under the rule, companies can still include arbitration clauses in their contracts, but companies subject to the rule may not use arbitration clauses to stop consumers from being part of a group action. The rule also makes the individual arbitration process more transparent by requiring companies to submit to the CFPB certain records, including initial claims and counterclaims, answers to these claims and counterclaims, and awards issued in arbitration.

OTHER On Wednesday, July 12, 2017, NACBA along with 55 other coalition groups led by The Institute for College Access and Success (TICAS), sent a letter to U.S. Secretary of Education Betsy DeVos strongly opposing the delay, dismantling, or weakening of the gainful employment regulations finalized in October 2014 and the “borrower defense to repayment” and college accountability regulations finalized in November 2016. In the letter, it was argued that the existence of a new rulemaking process provides no basis for the Department to refuse to implement and enforce the current regulations in the interim. If the Department wishes to alter current regulations, it must do so through negotiated rulemaking, not unilaterally outside the processes established by Congress. Please email Krista D’Amelio to obtain a final copy of the letter.

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

Bankruptcy News Briefs 4/21

House Committee Sets Hearing on Revised Financial CHOICE Act

Consumers’ Perceptions of Debt Payments, Credit Availability Improve

Regulators Are Suing Subprime Mortgage Servicer Ocwen for Years of ‘Deceptive Practices’

Ocwen Responds to Suit from CFPB, 21 States

Orchard Park debt collection mastermind faces prison for $31 million scam

Free Pass for Taxes Owed to Pennsylvania?

11th Circuit Clarifies FDCPA/FCCPA Issues Re Periodic Mortgage Statements After Bankruptcy

Supreme Court hears arguments on SEC suit time limits, debt collector status

The Average Student Loan Debt in Every State

Should DeVos Block an Embattled Student Loan Giant’s Attempt to Expand?

Delinquency Rates, Foreclosures Dip to Historic Lows

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!

NACBA25 is Couple Weeks Away! There’s Still Time to Register!

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!

 It’s a New Month! Renew Your Membership to Enter This Awesome Giveaway!

Renew your membership in April and 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


Bankruptcy News Briefs 8/22


New Week of Headlines…

CFPB fines Wells Fargo $3.6 million for deceptive student loan practices

Monthly, Year-to-Date Debt Collection Complaints to CFPB Continue to Decline

The “Least Sophisticated Debtor” Is Getting More Sophisticated, And Has An Improved Memory Too

Stop Bank, Payday Lender, and Scammer Get-Out-of-Jail-Free Cards and Restore Consumers’ Access to Court

CFPB Should Exempt Credit Unions From Arbitration Rules

Pair claim debt collection attempts are morass of confusion

$1.3 trillion in student loan debt is crippling retail sales growth

The price of education: Study finds Ohioans saddled with massive student loan debt


NACBA Webinars Web Banner (1)

7 Keys to Building a Referral-based Law Firm

DATE: Thursday, September 14, 2016, 3:00 PM EST / 12:00 PM PST
COST: FREE for NACBA Members
PRESENTER: Stephen Fairley, CEO, The Rainmaker Institute

Avoiding Judicial Estoppel, Standing and Claim Preclusion Problems
with Non-Bankruptcy Causes of Action
DATE: Thursday, September 22, 2016 – 3:00 PM EST / 12:00 PM PST
COST: $25 NACBA Member, $75 Non-Member
Judge Paul W. Bonapfel, Northern District of Georgia
J. Erik Heath, Esq., Consumer Bankruptcy Attorney, San Francisco, CA
John Rao, Esq., National Consumer Law Center, Inc.


Enter to Win!

Deadline August 26th!

Free Registration to NACBA’s 2016 Fall Workshop Members-Only Cruise (Miami, FL – Nassau, Bahamas)

October 6-10, 2016

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Visit the NACBA Facebook page and enter to Win a Free Registration to the Fall Workshop Members Only CruiseJust LIKE the Post & SHARE on your page for a chance of winning one (1) FREE Registration (total value $594) to NACBA’s 2016 Fall Workshop Members Only Cruise (Miami, FL – Nassau, Bahamas), October 6-10, 2016. This prize package includes registration to the Pre-Cruise Tax Session.

Contest Expires August 26th, 2016 Winner Announced August 29th, 2016 . Non-Transferable. One (1) winner selected. Current Membership in NACBA Required. Good luck!


2017 NACBA’s 25th Annual Convention – Silver Anniversary
Thursday, May 4 – Sunday, May 7, 2017
Orlando, Florida


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