The House Ethics Committee found that Rep. Alexandria Ocasio-Cortez violated gift rules by accepting free items and services for her 2021 Met Gala appearance, but she was not sanctioned after agreeing to repay the value of the gifts and expenses. The report highlighted delays in payment and efforts to determine fair market value, emphasizing that her attendance was not deemed impermissible.
President Trump has begun implementing major changes to student-loan repayment plans from his recent spending bill, including new income-based options and borrowing limits, with full rollout expected by July 1, 2026.
The end of pandemic-related student loan payment relief is causing many borrowers' credit scores to drop due to missed payments returning to their credit reports, highlighting the importance of managing repayment to maintain credit health.
Several Oklahoma teachers are being asked to return up to $50,000 in bonuses received under a teacher recruitment program, with at least nine teachers facing repayment demands ranging from $15,000 to $50,000 due to misrepresentation of qualifications. State Superintendent of Public Instruction Ryan Walters defended the repayment requests, citing the program's rigorous audit process and contractual terms, but faced criticism from lawmakers. The controversy has caused distress for affected teachers, with one recipient expressing inability to repay the funds by the deadline.
FTX has abandoned plans to restart its crypto exchange and will instead liquidate its assets to repay customers in full following founder Sam Bankman-Fried's conviction on fraud charges. The company has recovered over $7 billion in assets and reached agreements with regulators to prioritize customer repayment. Despite complaints about using November 2022 cryptocurrency prices for repayment calculations, a U.S. Bankruptcy Judge has approved this approach. FTX warns that customers should not expect quick repayment as the company still needs to verify legitimate claims.
Oklahoma education officials are seeking to reclaim at least $290,000 in bonuses mistakenly paid to several teachers, with some receiving between $15,000 and $50,000 each. The payments were made in error due to insufficient vetting of application information for a program aimed at recruiting teachers for hard-to-fill roles. State Superintendent of Public Instruction Ryan Walters suggested that some bonuses were given due to teachers misrepresenting their experience and qualifications. The repayment demands have drawn criticism from lawmakers, as the average teacher pay in Oklahoma is about $54,800.
Over 200 high school English teachers in Charlotte-Mecklenburg Schools were mistakenly issued recruitment bonuses of $1,250 intended for new teaching recruits, and now have to repay over $1,000 each. The bonuses were meant to incentivize new hires to fill critical teacher vacancies, but none of the teachers who received the bonus were new recruits. They have the option to repay the funds in a lump sum from their February paycheck or over a three-month payment plan.
Charlotte-Mecklenburg Schools District asks 225 teachers to repay $1,250 bonuses received due to a payroll error, originally intended for new teachers as an incentive. Teachers have the option to repay in a lump sum or through a payment plan, causing distress and inconvenience. The district apologizes and assures that affected teachers will still receive their monthly retention bonus.
The Internal Revenue Service (IRS) has launched a new Voluntary Disclosure Program to help businesses repay the Employee Retention Credits (ERC) they received in error. The program allows employers to repay 80% of the claim received and runs through March 22, 2024. The IRS is also sending letters to employers with proposed tax adjustments to recapture erroneously claimed ERC. Employers must apply to the program by March 22, 2024, and provide information about advisors or tax preparers who assisted them with their claim. The IRS continues to accept and process requests to withdraw pending ERC claims.
Federal student loan borrowers who miss payments will have their missed payments reported as a forbearance rather than delinquencies, thanks to the Biden administration's loosened rules. While missed payments during the on-ramp period will have minimal impact on credit scores, interest will continue to accrue and may cause the loan balance to rise. Borrowers who continue to miss payments after the on-ramp period ends may face more significant consequences, including a negative impact on their credit scores. It is recommended that borrowers explore income-driven repayment plans and be proactive in taking advantage of available programs to manage their student loan payments.
Danish artist Jens Haaning has been ordered by a Copenhagen court to repay over $70,000 to the Kunsten Museum of Modern Art in Aalborg for violating the terms of his agreement with the museum. Haaning was asked to recreate two of his prior works, which involved attaching bank notes to canvases, but instead delivered two blank canvases titled "Take the Money and Run." The court ruled in favor of the museum, stating that Haaning had no right to change the terms of the agreement and dismissed his copyright claim. Haaning does not plan to appeal the ruling but is in a financially difficult situation.
Danish artist Jens Haaning has been ordered by a Copenhagen court to repay the Kunsten Museum of Modern Art in Aalborg, Denmark, approximately $70,600 after delivering blank canvases for a commissioned work titled "Take the Money and Run." The museum had given Haaning a loan to recreate earlier works depicting wage differences within the European Union. The court deducted an artist's fee and viewing fee from the loan amount, acknowledging the artistic concept behind the blank canvases. Haaning claims he doesn't have the money to repay the museum.
Danish artist Jens Haaning, known for his conceptual art focusing on power and inequality, has been ordered by a court to repay funds he received from the Kunsten Museum of Modern Art in Denmark. Haaning was commissioned to recreate two earlier works using banknotes, but instead submitted empty frames titled "Take the Money and Run." The museum took legal action after Haaning refused to return the money, and the court ruled that he must repay the loaned funds but should still receive his artist's fee.
Many student loan borrowers have started making payments ahead of the October deadline to end the pandemic-era payment pause, surprising economists who expected a delay. The resumption of payments, which averaged $200-$300 per month before the pandemic, may lead to a decrease in consumer spending and impact the overall economy. Some borrowers have already cut back on discretionary spending, such as eating out, to accommodate the loan repayments.
The Biden administration has introduced a 12-month on-ramp to repayment for federal student loans, starting in October 2023. During this period, borrowers will have the option to delay making payments without facing negative consequences such as default or credit bureau reporting. However, interest will still accumulate on the loans. The on-ramp provides flexibility for borrowers who may need more time to adjust their budgets, but alternative options like the SAVE income-driven repayment plan, which offers monthly payments as low as $0 and prevents interest accumulation, may be more beneficial. It is advised to explore all available options before deciding on the on-ramp.
