Student loans

More than a dozen firms have struck agreements with nine states to provide forbearance to customers struggling to make payments in the midst of the coronavirus pandemic.

As universities move classes online, there are signs enrollment could be down in the coming academic year. That could have a major impact on credit unions’ private student loan portfolios.

The San Francisco bank said the amount of loans that could go into forbearance so far represents a small percentage of its total portfolio.

The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.

The Federal Reserve committed Monday to conducting more asset purchases of Treasury securities and mortgage-backed securities and announced $300 billion in new financing for credit facilities.

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.

The Consumer Financial Protection Bureau will have a busy week starting with Director Kathy Kraninger testifying before lawmakers on Tuesday.

The agency is investigating Discover Financial Services over student loan-servicing practices and its compliance with a 2015 consent order involving the business.

Elizabeth Warren, Sherrod Brown and three other Democrats asked nonbank lenders to ensure they comply with fair-lending laws following a report suggesting they charge higher rates to those who have attended historically black or predominantly Hispanic colleges.

Proposed reforms to the Community Reinvestment Act focus on everything but bank products that promote higher education. It’s time to change that.