FCA confirms rule changes to clarify firms’ compliance with debt relief regulations – Out-Law.com

The regulations come into force on 4 May 2021 and establish protective periods, or breathing spaces under a debt respite scheme, during which creditors are prevented from carrying on certain activities in respect of breathing space debts. There is a standard, 60 day breathing space for people with problem debt and a mental health crisis…

Nobel Prize economists call for vaccine equity and debt relief – Al Jazeera English

Nobel Prize-winning economists Joseph Stiglitz and Michael Spence are spearheading calls for urgent action to help poorer countries recover from the economic ravages of the coronavirus pandemic, including measures to advance vaccine equity, debt relief, and bolstering fiscal resources for cash-strapped nations. The proposals were outlined in a new interim report released on Thursday the…

Biden to sign bill with $4 billion in debt relief for minority farmers – Successful Farming

With Republicans complaining of discrimination against white farmers, the House passed a coronavirus relief bill on Wednesday that would provide an estimated $4 billion in debt relief for socially disadvantaged farmers. The financial assistance comes at the end of a generation-long campaign dating from the so-called Pigford settlement of 1999, in which the USDA acknowledged…

Congress makes student debt forgiveness tax-free, limits revenue that for-profit colleges get from enrolling veterans – The Washington Post

The tax relief is good only through January 2026, but lawmakers say it is a key step in canceling some of the $1.5 trillion in federal student loans held by 45 million Americans. Among the many concerns surrounding widespread forgiveness is whether debt relief would be subject to taxation, which could undermine the benefit to…

The problem with linking debt forgiveness to the Sustainable Development Goals – Brookings Institution

Things were looking shaky for Indonesia this time last year. Their exchange rate fell 20 percent from February to April. Their $410 billion of foreign debt swelled as their currency plunged. The collapse in tourism and fall in commodity prices meant the foreign exchange they normally used to finance those debts was evaporating. The sudden…