Borrowers whose student loans are forgiven due to death or disability will no longer have to pay federal income taxes on those forgiven loans. Now, tens of thousands of disabled veterans and hundreds of thousands of people living with severe disabilities are eligible for new student loan protections.
As we observe the 27th anniversary of the Americans with Disabilities Act, we are announcing a new financial empowerment tool for people with disabilities. Our companion guide contains information and tips based on insights from people with disabilities and organizations that serve the disability community.
These organizations that will integrate financial empowerment into their existing services for consumers with disabilities.
Americans with disabilities disproportionately live in poverty; are more than twice as likely to use nonbank financial services such as payday loans and check cashing; and 80 percent have no emergency savings to absorb a financial shock. Americans with disabilities, like all consumers, have the right to fair treatment in the financial marketplace and access to tools that can help them improve their financial lives.
Our job is to empower consumers by providing them with the information they need to make the best financial decisions for themselves and their families. As part of our mission to protect and empower all consumers, we’re launching ROADS (Reach Outcomes. Achieve Dreams. Succeed) to Financial Independence – a first-of-its-kind nationwide initiative to provide financial counseling services to people with disabilities who are working or transitioning into the workforce.
We’re releasing our third annual Fair Lending Report, which details the important strides we have taken over the last year to protect consumers from credit discrimination and increase access to credit.
Today, we’re reminding lenders that placing unnecessary documentation requirements on recipients of Social Security disability income, including disabled veterans, may raise fair lending concerns. Following the guidelines and standards noted in the bulletin may help lenders comply with fair lending laws.
We know that individuals with disabilities often face barriers and challenges in moving toward economic security and self-sufficiency. That’s why we’re committed to making sure that these individuals have the help and support they need to begin planning and saving for their financial goals. Over the past year, our team has traveled across the country; […]
In case you missed it, we’re gathering information on how to build financial capabilities for people with disabilities, veterans in transition, and people who are economically vulnerable. If you or your organization would like to contribute, please send us your comments by 4 p.m. ET on Friday April 12, 2013. Americans with disabilities CFPB is […]