California applauds appointment of U S Education Secretary Cardona and joins states in asking for better student loan protections oc-breeze.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oc-breeze.com Daily Mail and Mail on Sunday newspapers.
‘Misguided and unsound’: States call on new Education Secretary to stop protecting student loan servicers Aarthi Swaminathan
This story has been updated to include comments from the Education Department.
Eleven state financial regulators are calling on Education Secretary Miguel Cardona to rescind Trump-era regulations that they say are insulating student loan servicers from more oversight.
The consumer protection agencies from California, Colorado, Connecticut, Illinois, Maine, Massachusetts, New Jersey, New York, Rhode Island, Washington and Wisconsin are asking Cardona to reverse what they call “unnecessary and legally dubious” guidelines under former Education Secretary Betsy DeVos that prohibited states from taking on investigations of possible misconduct and implementing consumer protection laws.
Misguided and unsound : States call on new Education Secretary to stop protecting student loan servicers msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
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The California Department of Financial Protection and Innovations (DFPI) has issued an invitation for comments to seek input from stakeholders as the DFPI develops regulations to implement the California Consumer Financial Protection Law (CCFPL) that California enacted last year. Comments must be submitted by March 8, 2021.
The invitation for comments lists potential topics for rulemaking, but also notes that stakeholders are not limited by those areas and may comment on any potential rulemaking area. Some of the potential rulemaking topics listed by the DFPI include:
Exemptions – whether regulations are needed to clarify the CCFLP exemptions;
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On February 3, 2021, California’s Department of Financial Protection and Innovation (DFPI) announced that it has commenced its first formal enforcement action and launched a separate investigation into student loan debt relief companies. Goodwin previously provided an overview of three new California consumer finance laws that became effective in January 2021, including the California Consumer Financial Protection Law (CCFPL), which expanded the scope of the California Department of Business Oversight’s powers and renamed the Department of Business Oversight as the DFPI, and the Student Loan Borrower Bill of Rights, which gave the DFPI broader authority to regulate student loan servicers.