Legal Updates for Debt Management

Federal Regulators Seek to Limit Credit Card Late Fees

February 1, 2023. The Consumer Financial Protection Bureau plans to lower the amount credit card companies can charge for late fees.

Biden Extends Student Loan Payment Suspension

November 22, 2022. President Biden extended the payment pause for federal student loans while the legality of his debt cancellation program is challenged in the courts.

FHA Urges Lenders to Consider Positive Rental History When Assessing Mortgage Eligibility

October 30, 2022. In a policy change, FHA will now include a first-time homebuyer’s positive rental history when determining mortgage eligibility.

Education Department Announces Permanent Changes to the Public Service Loan Forgiveness Program

October 25, 2022. The Biden administration announced a number of permanent changes to the Public Service Loan Forgiveness (PSLF) program to make it easier for eligible borrowers to get student loan relief.

FHFA Approves Use of Alternative Credit Scores for Fannie Mae, Freddie Mac Mortgages

October 24, 2022. The federal government says lenders can use borrowers’ FICO 10T and VantageScore 4.0 credit scores when approving mortgage loans.

Appeals Court Kills the Payday Lending Rule—and Perhaps Other Consumer Protection Actions

October 19, 2022. A federal appeals court ruled that the CFPB has been unconstitutionally funded since it was created. And, in the process, the court vacated the Payday Lending Rule.

Your Rent Payments Could Help Raise Your Credit Score

October 7, 2022. If you sign up for Experian Boost, your rent payments could help improve your credit score. But should you use this service?

Fannie Mae Announces New Program to Help Renters Build Credit

September 27, 2022. Fannie Mae has launched a program to enable renters living in multifamily properties to improve their credit scores when they make on-time rent payments.

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.

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.

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.

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.

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).

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.

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.

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).

FHFA Approves Use of Classic FICO Credit Scores for Fannie Mae, Freddie Mac Mortgages

November 10, 2020. What is the most important credit score? If you’re seeking a new conventional, conforming mortgage, it’s Classic FICO.

FICO’s New Credit Score Rates Your “Credit Resilience”

June 29, 2020. Mortgage lenders, credit card companies, and other creditors now have one more way to help them determine whether you're a safe credit risk: FICO’s Resilience Index.