United States:
FDIC And FRB Advise Financial Institutions On "Voluntary Loan Rehabilitation Programs"
11 February 2019
Cadwalader, Wickersham & Taft LLP
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The FDIC and the Federal Reserve Board advised financial institutions on the
provisions for "Voluntary Loan Rehabilitation Programs"
under Section 602 of the
Economic, Growth, Regulatory Relief and Consumer Protection
Act.
Among other highlights, financial institutions can offer a loan
rehabilitation program (i.e., a Section 602 Program) to
qualifying borrowers who have "reported default" on a
private education loan. Under a Section 602 Program, a financial
institution can "remove a reported default from the
borrower's credit report" without being deemed
"inaccurate" under the Fair Credit Reporting Act for a
Section 602 Program.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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