The Washington Post reports: "The U.S. Education Department is promising to process student loan forgiveness claims for nearly 170,000 borrowers within 18 months as part of a proposed settlement announced Friday in a federal lawsuit. The suit alleges that Education Secretary Betsy DeVos illegally stalled a program known as borrower defense to repayment, which promises […]
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by Norman I . Silber and Jeff Sovern The American Prospect recently published a short essay we wrote suggesting that the federal government pick up the tab for part of consumers’ credit card interest rate payments while the coronavirus rages. Some very knowledgeable consumer law experts have generously taken the time to give us their […]
by Jeff Sovern Here in Medium. This is different from Norm Silber's and my proposal in The American Prospect to have the government pick up some of the interest payments. I'm not sure from the piece whether Harris is urging credit card issuers to do this voluntarily or is calling for legislation. If the latter, […]
As many people are struggling to pay their mortgage during the coronavirus crisis, columnist Michelle Singletary offers advice on resources for people experiencing financial hardship because of the pandemic. Her column is here.
in The American Prospect, my latest op-ed, with Norm Silber. Excerpt: For the next stimulus package, rather than sending tens of millions of checks to consumers, Congress would do better to strike at the economic crisis by using the existing lending mechanism, right in front of us, that more than three-quarters of us already possess: credit […]
Guest Post by Dee Pridgen: Consumers who have ongoing memberships at gym or fitness centers may wonder what their rights are when these facilities are shut down by government order during the corona virus pandemic. While these clubs have contracts with provisions that probably favor the provider, there are some things consumers can do. Some […]
Read U.S. Treasury Must Protect Stimulus Payments From Garnishment by Debt Collectors from the National Consumer Law Center. Here's an excerpt: The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for payments to individuals up to $1,200 so that people can pay for food, rent, utilities, medicine, and other basic necessities. The CARES Act protects stimulus checks […]
U.S. Public Interest Research Group's Ed Mierzwinski and Sabrina Clevenger write that the effects of coronavirus "will send credit reports in a downward spiral" and explain how Congress can help. Their op-ed in USA Today is here.
Massachusetts Attorney General Maura Healey on Friday announced that her office has filed an emergency regulation that prohibits creditors from engaging in methods of debt collection that can require people to leave their homes during the COVID-19 pandemic. Healey said the regulation, 940 CMR 35.00, is designed to protect consumers from unfair and deceptive debt […]
The National Consumer Law Center has posted a compilation of "major consumer protections announced in response to COVID-19," including suspensions on foreclosures, evictions, terminations on telecommunications and utility service, elimination of interest, and forbearance on student loan payments. The webpage is here.