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 Week of December 2, 2019

• This week, the U.S. House of Representatives and U.S. Senate are in session for legislative business. While neither chamber is expected to consider federal student aid-related legislation, the House will consider S. 151, the Pallone-Thune TRACED Act, which would increase criminal violations and improve the enforcement of the Telephone Consumer Protection Act.

Tuesday through Friday, all-day, the U.S. Department of Education hosts the Federal Student Aid (FSA) Training Conference in Reno, NV. The conference is the largest training program in the United States serving the financial aid community, and ultimately the students and families seeking an education beyond high school. The conference will include remarks by Education Secretary Betsy DeVos and FSA Chief Operating Officer Mark Brown who will discuss their vision for higher education, the policies that the Department is championing to address the growing federal student loan portfolio, and the Department’s efforts to bring federal student aid into the 21st Century; and remarks by Under Secretary Diane Jones who will provide an update on the proposed rule for accreditation. It will also include sessions discussing the verification requirements for the 2020-2021 Free Application for Federal Student Aid (FAFSA) cycle and issued related to the 2019-2020 FAFSA cycle; recent and upcoming FAFSA changes; an overview of the policy issues from the new borrower defense to repayment regulation; a discussion about the programmatic and implementation of the Public Service Loan Forgiveness Program; a presentation on financial literacy support services, including a panel of experts from Texas who will share their coordinated approach to financial literacy; an exploration of the challenges, adjustments, and appeal process for cohort default rates, including how to develop and implement an effective default prevention plan; an overview of FSA’s plans for a new digital platform that will combine the studentloans.gov, studentaid.gov, FSA ID, and National Student Loan Data System websites; a discussion with FSA and the Consumer Financial Protection Bureau of their new interactive web tool to support students in making a plan to pay for college; and an update on a new experimental site where the Department “will waive a number of our current regulations to allow institutions to limit borrowing, including at the program level based on expected earnings data reported by the College Scorecard; use institution-provided loan reduction or forgiveness programs to reward students for reaching academic benchmarks; or permit students to refinance federal Loans and instead make one affordable payment that fits their post-graduation earnings.” For more information on the conference, visit the FSA website.

On Wednesday at 10:00 a.m., the House Financial Services Committee holds a hearing titled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Witnesses include: The Honorable Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System; The Honorable Jelena McWilliams, Chair, Federal Deposit Insurance Corporation; and The Honorable Rodney Hood, Chair, National Credit Union Administration. The hearing will be livestreamed on the committee website.

• On Wednesday at 10:00 a.m., the Senate Commerce, Science, and Transportation Committee holds a hearing titled, “Examining Legislative Proposals to Protect Consumer Data Privacy,” which will discuss proposals that provide the Federal Trade Commission (FTC) with more resources and authority to oversee business data practices in the marketplace. Witnesses include: Julie Brill, Corporate Vice President and Deputy General Counsel, Microsoft, and, Former Commissioner, FTC; Maureen Ohlhausen, Co-Chair, 21st Century Privacy Coalition, and, Former Acting-Chair, FTC; Laura Moy, Executive Director and Associate Professor of Law, Georgetown Law Center on Privacy and Technology; Nuala O’Connor, Senior Vice President and Deputy General Counsel, Digital Citizenship at Walmart; and Michelle Richardson, Director of Privacy and Data, Center for Democracy and Technology. The hearing will be livestreamed from the committee website.

On Thursday at 10:00 a.m., the House Energy and Commerce Subcommittee on Communications and Technology holds a hearing titled, “Accountability and Oversight of the Federal Communications Commission (FCC).” Witnesses include: The Honorable Ajit Pai, Chairman, FCC; The Honorable Michael O’Rielly, Commissioner, FCC; The Honorable Brendan Carr, Commissioner, FCC; The Honorable Jessica Rosenworcel, Commissioner, FCC; and The Honorable Geoffrey Starks, Commissioner, FCC. The hearing will be livestreamed on the committee website.

On Thursday at 10:00 a.m., the Senate Banking, Housing, and Urban Affairs Committee holds a hearing titled, “Oversight of Financial Regulators.” Witnesses include: The Honorable Randal Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System; The Honorable Jelena McWilliams, Chair, Federal Deposit Insurance Corporation; and The Honorable Rodney Hood, Chair, National Credit Union Administration. The hearing will be livestreamed on the committee website.

On Thursday at 10:00 a.m., the House Financial Services Committee holds a hearing titled, “Promoting Financial Stability? Reviewing the Administration’s Deregulatory Approach to Financial Stability.” Witnesses will be announced at a later date. The hearing will be livestreamed on the committee website.

On Friday at 11:00 a.m., the Congressional Budget Office releases its Monthly Budget Review for November 2019, which includes an analysis of federal spending and revenues for the previous month and the fiscal year to date. The monthly reviews, which are based on information from the U.S. Department of Treasury, provide information on the monthly status of outlays, receipts, and the deficit or surplus.

On Friday at 3:00 p.m., the Federal Reserve releases its “Consumer Credit – G.19” report, which includes the amount of outstanding federal and private student loans.




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