Earlier this month, drugmaker Mylan disclosed a $465 million settlement with the U.S. Department of Justice over allegations that the company had defrauded the Medicaid system by mis-categorizing its high-priced EpiPen allergy treatment. The DOJ has still yet to confirm this settlement or provide any details, and critics of the deal say it looks like Mylan is getting off easy. [More]
Eighteen months after Corinthian Colleges Inc. completed its collapse – closing the remaining Heald College, Wyotech, and Everest University – tens of thousands of former students are still waiting to received some form of relief from the mountains of student loan debt they incurred to attend the defunct college. [More]
Short-term rental platforms like Airbnb, VRBO, and HomeAway are intended as a way to give travelers varied and interesting lodging options, while letting homeowners make a bit of money when they aren’t at home. However, a group of three senators are concerned that the affordable housing market is being squeezed by the increasing number of property owners cashing in on short-term rentals.
Only days after a report found that an organization responsible for accrediting a number of for-profit colleges had engaged in a “pattern” of providing approval to schools with bad track records, resulting in these colleges receiving nearly $6 billion in federal funds, Sen. Elizabeth Warren is joining the chorus of voices calling on the Department of Education to take action.
In recent months federal regulators and government agencies have increased scrutiny of for-profit colleges and their interactions with servicemembers, veterans and their families. Today, lawmakers furthered that mission by introducing legislation that would restore previous limits on how much money these educational institutions can receive from the federal government via military benefits and other programs. [More]
Ever since for-profit education chain Corinthian Colleges Inc. closed its Everest University, WyoTech and Heald College campuses, leaving tens of thousands of students with millions of dollars in loans, consumers advocates, legislators and others have urged the Department of Education to relieve former students of their debt burdens. Those calls for help continued on Tuesday with renewed pressure from Massachusetts Attorney General Marua Healey and Sen. Elizabeth Warren calling on the Dept. to rid victims of the defunct for-profit college of unsustainable loan payments. [More]
Last May, investigations by the Department of Justice and the Federal Deposit Insurance Corporation into student loans servicing resulted in a $100 million fine against government-contracted servicer Navient for allegedly violating federal laws limiting the amount of interest that can be charged on servicemember student loans. Following those investigations, the Department of Education undertook a review that found its four servicers – including Navient – weren’t cheating military personnel. With such conflicting reports, members of Congress are now getting involved, calling for an investigation into the Dept. of Education’s review process. [More]
Earlier this week, JPMorgan Chase CEO Jamie “It sounds like Diamond” Dimon, was quoted as saying that Sen. Elizabeth Warren, an outspoken advocate of financial reform who helped create the Consumer Financial Protection Bureau before becoming a lawmaker, was clueless about how banks actually work. The Massachusetts senator says that Mr. Dimon doth protest too much. [More]
As we head into the final stretch of regulatory review for the pending $45 billion of Comcast and Time Warner Cable — and with the Dept. of Justice possibly prepping to block the deal — a group of U.S. Senators has written to U.S. Attorney General Eric Holder and FCC Chair Tom Wheeler urging them to prevent these two companies from getting hitched. [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]
Senators Chastise Govt. For Making Money Off Struggling Student Loan Borrowers, Not Offering Enough Relief
For several years now the government has offered federal student loan forgiveness programs aimed at helping borrowers to avoid defaulting on their debts. While recent reports have shown that the popularity of the programs has exceeded expectations, a group of six senators say the Department of Education could do more given the billions of dollars in payments it receives from federal loans each year. [More]
A bill left for dead in the Senate back in June has been resurrected. The Bank On Students Emergency Loan Refinancing Act that would allow consumers to refinance their student loans to the rate currently being issues on new federal and private student loans is slated for a vote Tuesday morning. [More]
A bill to allow consumers to refinance their student loans to the rate currently being issued on new federal and private student loans succumbed to a painful death on the Senate floor Wednesday despite being championed by consumer advocates. [More]
Students who took out their first federal student loan this past fall will someday be glad that they are only paying 3.86%. Just ask those of us whose loans were nearly double that percentage. But a new bill introduced in the Senate today by Massachusetts Senator Elizabeth Warren would allow student loan borrowers to refinance at the rates set for new borrowers by last year’s legislation. [More]
In December, the Food and Drug Administration showed just how little it actually cares about drugs in our food by — after more than 35 years of dragging its feet on the topic — politely asking drug companies to pretty please stop selling medically unnecessary antibiotics to farmers who put the drugs in animal feed solely to encourage muscle tissue growth. Today, Senator Elizabeth Warren had the chance to grill FDA Commissioner Margaret Hamburg on the topic, and she didn’t pull her punches. [More]