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Five Stories that Matter in Michigan This Week – October 14, 2022

Fraser

. ——— Student Loan Forgiveness Will Not Be Taxed. Earlier this month with legislative bipartisan support, it was announced that Michigan will not collect taxes as revenue on the federal student loan forgiveness or the state’s Public Service Loan Forgiveness program.

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How a Car Loan Can Increase Your Credit

Credit Corp

There are many different types of installment loans that are reported on credit reports. These include auto loans, mortgage loans, student loans, credit builder loans, and personal loans. What Contributes to Your Credit Score?

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On November 9, the Department of Education (DOE) announced its plan to implement an oversight strategy of federal student loan servicers that provides several pathways for identifying problems that can harm borrowers, in real-time. For more information, click here. For more information, click here. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On October 13, the Federal Trade Commission (FTC) warned consumers of scammers pretending to promise student loan debt relief. Due to the pandemic, people with federal student loans have some protections, but others claim to provide additional governmental protections for a fee. For more information, click here.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

On February 3, the California Department of Financial Protection and Innovation announced an investigation into whether student loan debt relief companies operating in California are engaging in illegal conduct under the new California Consumer Financial Protection Law and Student Loan Servicing Act.

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Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On October 21, the Eighth Circuit temporarily blocked President Joe Biden’s student loan forgiveness program. On October 20, Supreme Court Justice Amy Coney Barrett, who oversees Seventh Circuit emergency matters, rejected an emergency request to stop President Biden’s student loan forgiveness program.

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Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter

Troutman Sanders

Department of Education, announced that the department will reverse a policy put in place during the Trump administration that blocked state and federal regulators from accessing records needed to investigate student loan lenders, servicers, and private collection agencies. For more information, click here. On May 27, U.S.