WASHINGTON - (02/07/05) -- President Bush's 2006 budget willpropose a $15 billion increase in guaranteed Pell grants tolow-income students and billions of dollars in subsidy cuts tocredit unions and bank participants in the guaranteed student loanprogram to pay for the funding increase. The fiscal year budget tobe presented to Congress Monday includes reductions in thereimbursement rate to lenders on student loan defaults andincreases in the fees charged lenders for loan consolidations. TheAdministration will also call for an end to a loophole in theguaranteed student loan program that allows some lenders to recovera 9.5% guaranteed rate of return on some loans. A one-yearmoratorium on the practice expires in September. The proposedbudget cuts in the student loan program come as hundreds of creditunions are either trimming back or eliminating altogether thestudent loan programs in the face of rising competition from suchgiants as Sallie Mae, JP Morgan Chase or Citibank.
-
The top five banks and thrifts have combined total assets of nearly $13 trillion.
Just now -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
5h ago -
Lawmakers including one of the original sponsors of the Corporate Transparency Act have filed an amicus brief in the appeal against an Alabama court ruling that the law is unconstitutional, which would throw into question Treasury's newly-established beneficial ownership structure.
7h ago -
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
9h ago -
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
10h ago -
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
11h ago