Author: Brian Lund
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Treasury says approved student loan rehabilitation applications rose 69 percent since Treasury joined Education on defaulted loans, as a new borrower portal opened Sept. 30
Treasury says approved applications for student loan rehabilitation are up 69 percent since it joined the Education Department on defaulted loans less than six months ago. The two agencies announced the figure on Sept. 30 as they opened the Defaulted Loans Support Center, an online portal at StudentAid.gov for borrowers whose federal loans are in…
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A bill Congress passed would restore higher bankruptcy debt limits that expired in 2024, raising the small-business Subchapter V cap to $7.5 million, and it has not been signed into law
Congress has passed H.R. 7730, the Bankruptcy Threshold Adjustment Act, which would bring back the higher debt ceilings for small-business and family bankruptcies that lapsed in 2024. The House passed the bill by voice vote on Sept. 16, and the Senate passed it without amendment by unanimous consent on Sept. 28. The latest action on…
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Treasury can now check that a bank account belongs to the payee before sending federal payments and return payments that fail, under a Trump executive order
The Treasury Department can now confirm that a bank account belongs to the person being paid before a federal payment goes out, and it can send back payments that fail the test. Treasury said in an October 6 announcement that its capabilities to validate bank account ownership and the presence and format of Taxpayer Identification…
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The Federal Reserve proposed that bank-owned stablecoin issuers back their coins with assets such as short-term Treasury bills
Nothing about a bank account changes yet. The Federal Reserve Board proposed rules on Sept. 24 that would set reserve requirements for payment stablecoins issued by firms the Board supervises, including subsidiaries of state member banks, and the proposals are still open for public comment. Under the first proposal, those issuers would have to fully…
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Every lender can now use VantageScore 4.0 on loans sold to Fannie Mae
A home buyer does not get to choose the credit score model. The lender does. That is the catch inside Fannie Mae’s decision to open VantageScore 4.0 to every lender, which the mortgage giant set out in Lender Letter LL-2026-06, dated Sept. 9 and updated Sept. 30. The letter says “All lenders may use VantageScore…
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Federal agencies are funded only through Dec. 11 under the stopgap signed Sept. 2
Federal agencies have funding only through Dec. 11 under a stopgap spending bill signed on Sept. 2. The measure, H.R. 6500, is titled the Continuing Appropriations and Extensions Act, 2027. The White House describes it as “a short-term continuing resolution that provides fiscal year 2027 appropriations to Federal agencies through December 11, 2026, for continuing…
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Beef and pork plant workers employed from 2000 to early 2024 can claim from $202.8 million in wage-fixing settlements until March 26, 2027
A job on a slaughter or cutting line at a beef or pork plant, held at any point in a 24-year stretch, may now count toward a payment. Class counsel says settlements in the red-meat wage-fixing case total $202.8 million, and workers employed between January 1, 2000 and February 27, 2024 have until March 26,…
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Credit Acceptance must forgive 95 percent of the debt when certain at-risk borrowers default within 12 or 18 months and the car is repossessed and sold
A subprime car loan can turn into a debt that outlives the car. Under a settlement announced September 17, 2026, Credit Acceptance Corporation must now forgive 95 percent of what is owed when certain at-risk borrowers default within 12 or 18 months and the vehicle is repossessed and sold. New York Attorney General Letitia James’s…
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Treasury’s Direct Express page still says nothing about the switch to Fifth Third
Treasury runs the Direct Express program, and its public Direct Express pages say nothing about the move to Fifth Third Bank. As of a read on October 6, 2026, the main Direct Express page and the news page, both marked last updated September 1, 2026, carry no notice, no timeline and no instructions for cardholders…
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Credit union insurance excludes annuities, safe deposit box contents and cryptocurrency
A credit union balance sitting in a share account is covered by federal insurance. A credit union member’s retirement annuity, the papers in a safe deposit box and a cryptocurrency wallet are not. The National Credit Union Administration (NCUA) says so plainly on its share insurance coverage page, in two sentences that many savers never…