Agencies Issue Advisory on Education Loan Program

Feb 05, 2019
The FDIC and Federal Reserve Board issued an advisory on an amendment to the Fair Credit Reporting Act related to Voluntary Private Education Loan Rehabilitation Programs.

Included in the S. 2155 regulatory relief law, the amendment allows consumers to rehabilitate a private education loan with a previously reported default under certain conditions.

Financial institutions that establish such programs and satisfy statutory requirements, including written approval from their federal regulatory agency, are entitled to a safe harbor from potential claims under the FCRA related to removal of the reported default.

Read the Advisory