Although it was nearly a year in the making, the largest collapse in U.S. higher education finally occurred Sunday, as embattled for-profit education chain Corinthian Colleges Inc. – the operator of Everest University, Heald College and WyoTech – announced it would close the remainder of its campuses effective Monday. [More]
In recent weeks, legislators have introduced a range of bills aimed at addressing student loans and revamping the laws governing those debts. Today, that push continued with the reintroduction of a bill that would ensure student borrowers are treated fairly and understand the range of options at their disposal. [More]
Since 2005, student borrowers have been unable to discharge their private student loans through the process of bankruptcy. But that could soon change after a group of 12 senators introduced a bill aimed at addressing the current student debt crisis by restoring the bankruptcy code to hold private student loans in the same regard as other private unsecured debts. [More]
Several weeks after a lawsuit filed in California claimed that thousands of dogs became ill or died after eating Purina’s Beneful kibble, two senators are urging the Food & Drug Administration to open an investigation into the allegations. [More]
The way in which borrowers pay back their federal student loans – from checking the balance to filing complaints against servicers – is set to change with the signing of a presidential memorandum Tuesday. [More]
Federal safety agencies and poison control centers have continuously expressed concern that the ever-popular, and convenient detergent pods are extremely dangerous to children, with more than 17,000 kids being poisoned by ingesting the detergent since they came on the scene three years ago. Today, the House and Senate took steps to ensure the single-serve detergent packs no long threaten childrens’ safety by introducing legislation that would enact stricter packaging standards for liquid detergent. [More]
Back in October, the Department of Education finalized a new rule: career colleges — those schools that offer specialized training programs for certain occpuations — would have to do a better job actually preparing students for gainful emplotment, or they’d lose access to federal student aid. As part of those standards, the DoE rule included the creation of an oversight group. Today, two senators introduced legislation to ensure the task force is providing useful information to policymakers, parents and students.
Students at Everest University (also known as Everest College) – one of the schools owned by under-fire for-profit education group Corinthian Colleges Inc. – received some not so comforting news yesterday: their schools are on the chopping block as part of group’s deal with the Department of Education. And that doesn’t come a minute too soon for one legislator who is now warning consumers not to enroll at the campuses. [More]
Yesterday, Bank Of America announced it would begin charging a $5 monthly fee for some BofA customers who use their debit cards to make purchases. Not surprisingly, this did not go over well with Illinois Senator Dick Durbin, one of the leading proponents of swipe-fee reform. [More]
The main reason that JPMorgan Chase and other big banks have given for things like $5 ATM fees and prohibitive caps on debit card purchases is a soon-to-be-enacted bit of legislation known as the Durbin Amendment, which limits the amount of money banks can make off of interchange fees, the amount they charge retailers for each debit card transaction. Chase CEO Jamie Dimon has called the laws “price fixing at its worst” and “downright idiotic.” Now Dick Durbin, the Illinois senator whose name graces the legislation, has come out swinging at Dimon, telling the bank exec to quit whining and enjoy being profitable. [More]
Senator Dick Durbin (D-IL) is the Chairman of the Appropriations Subcommittee on Financial Services and General Government, which recently held hearings about the state of toy safety in the U.S. What did Sen. Durbin take away from those hearings?
Today is a big day for Senator Dick Durbin (D-IL). Starting at 11am, the Chairman of the powerful Appropriations Subcommittee on Financial Services and General Government will kick off a series of hearings examining the toy industry’s seemingly magnetic attraction to lead paint. Durbin, whose Subcommittee has jurisdiction over the Consumer Product Safety Commission’s budget, will grill toy industry representatives, consumer advocates, and members of the government over plans to protect America’s children from the dangers silently lurking on toy shelves by establishing an independent testing regime.