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The Department of Education published a correction to a previous regulation related to income-driven repayment for student loans. This document addresses a technical error regarding the exclusion of periods in in-school deferment from counting toward loan forgiveness, which was previously explained but omitted from the regulatory text. The correction is intended to align the regulations with what was originally stated in the preamble, without introducing any new rules. The amendment is effective immediately as of its publication date on December 31, 2024.

The Bureau of Consumer Financial Protection shared its observations on how various financial services adjusted during the COVID-19 pandemic, as highlighted in this special edition of Supervisory Highlights. The report documents the Bureau's assessments in areas like mortgage, student loans, auto loans, credit cards, and more, noting challenges faced by these sectors and their responses to rapidly changing consumer needs. Many financial institutions struggled with increased consumer requests for assistance, inaccurate information dissemination, and operational adjustments, highlighting risks that could potentially harm consumers. The Bureau aimed to help these institutions recognize and address these risks to better protect consumers.