2021 Debt Management Legal Updates
Debt Management Legal Updates
Debt Management Legal Updates
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Biden Administration Extends Student Loan Payment Suspension Until May 1, 2022
December 22, 2021. The payment suspension for most federal student loans will now last until May 1, 2022.
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New Debt Collection Law Passed in New York
April 7, 2022 and May 7, 2022. A recently-passed law in New York places additional requirements on creditors and collectors that sue consumers for unpaid debts.
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New Credit Reporting Rules for Debt Collectors
November 30, 2021. A new federal law prohibits a debt collector from telling a credit reporting agency about a debt before either speaking to the consumer or sending a debt validation notice and then waiting to make sure it's delivered.
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New Rules for Debt Collection Notices
November 30, 2021. As of November 30, 2021, debt collection notices must give additional information and disclosures to consumers.
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Significant Changes to the FDCPA in Late 2021
November 30, 2021. Starting November 30, 2021, debt collectors face new restrictions under changes to the federal Fair Debt Collection Practices Act (FDCPA).
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Public Service Loan Forgiveness Program Gets Revamped
October 6, 2021. The Department of Education announced a set of actions that, over the coming months, will allow thousands of student loan borrowers to qualify for Public Service Loan Forgiveness.
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Education Department Cancels $1.1 Billion in Federal Student Loan Debt for Former ITT Tech Students
August 26, 2021. The U.S. Department of Education is canceling $1.1 billion in federal student loans for around 115,000 borrowers who attended ITT Technical Institute.
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Biden Administration Waives Student Loan Interest Retroactively for Military Servicemembers
August 20, 2021. The U.S. Department of Education has retroactively waived interest on federal student loans for more than 47,000 current and former active duty servicemembers.
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Disabled Borrowers Will Receive $5.8 Billion in Student Loan Forgiveness
August 19, 2021. More than 323,000 borrowers with total and permanent disabilities will get automatic student loan discharges.
Debt Management Legal Updates
Debt Management Legal Updates
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Biden Administration Extends Student Loan Payment Suspension Through January 31, 2022
August 6, 2021. The payment suspension for most federal student loans will now last through January 31, 2022.
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Biden Cancels Another $55.6 Million of Federal Student Debt
July 9, 2021. Around 1,800 defrauded students who attended Westwood College, Marinello Schools of Beauty, or the Court Reporting Institute will get student loan forgiveness.
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Biden Cancels Another $500 Million of Federal Student Loans
June 16, 2021. President Biden is canceling $500 million in federal student loans for defrauded borrowers who attended ITT Technical Institute.
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CFPB Resumes Enforcement of Credit Reporting Dispute Deadlines
March 31, 2021. The Consumer Financial Protection Bureau will resume enforcing FCRA requirements on credit report disputes and rescinded the leeway it gave to the credit reporting bureaus due to the coronavirus crisis.
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March 30, 2021. President Biden canceled over a billion dollars in federal student loans for the second time this month and provided debt relief to borrowers with defaulted FFELs.
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Biden Cancels $1 Billion of Federal Student Loans
March 18, 2021. Students who previously got partial relief on their federal student loans under a “borrower defense to repayment” claim will get a full discharge.
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What the New Stimulus Bill Means for Student Loan Borrowers
March 11, 2021. Under the latest COVID-19 relief bill, student loan forgiveness is tax-free through 2025. However, the bill doesn’t cancel any student loan debt.
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Deadline Extensions for Getting a CARES Act Forbearance
February 16, 2021. The FHA, VA, USDA, and FHFA have extended their deadlines for requesting a CARES Act mortgage forbearance.
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January 21, 2021. Colorado’s limitations on "extraordinary" collection actions are part of the state’s efforts to protect consumers from economic hardship during the coronavirus crisis.
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President Biden Extends Student Loan Payment Suspension Through September 30, 2021
January 20, 2021. The payment suspension for most federal student loans will now last at least through September 30, 2021.
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New CFPB Rule Clarifies When the FDCPA Applies to Debt Buyers
November 30, 2021. The CFPB has clarified when a debt buyer is considered a "debt collector" and must comply with the Fair Debt Collection Practices Act (FDCPA).