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Apparently The FTC is Not Concerned for Consumers Suffering a Crisis of Debt

Given the questionable legal basis supporting the FTC’s attempt to amend the TSR, and the interest the debt-settlement industry is receiving from Congress and various state legislatures, it appears that the FTC’s aggressive attack on the settlement industry is motivated by political pressure exerted by special interest groups opposing the industry, rather than a genuine concern for consumers suffering a crisis of debt.

From HID[ING] ELEPHANTS IN MOUSEHOLES”: * THE FTC’S UNWARRANTED ATTEMPT TO REGULATE THE DEBT-RELIEF-SERVICES INDUSTRY USING RULEMAKING AUTHORITY PURPORTEDLY GRANTED BY THE TELEMARKETING AND CONSUMER FRAUD AND ABUSE PREVENTION ACT by MICHAEL THURMAN & MICHAEL L. MALLOW

You can read the entire article here.

Mr. Thurman and Mr. Mallow are partners in the Litigation Department of Loeb & Loeb, LLP, in Los Angeles, California. They regularly counsel and defend individuals and companies in investigations and actions brought by the Federal Trade Commission and state regulators. Mr. Thurman received his J.D. from the University of Oregon School of Law in 1985 and an A.B. degree from Stanford University in 1979. Mr. Mallow obtained his J.D. with Honors from George Washington University Law School in 1991 and a B.A. degree from State University of New York at Binghamton in 1988.

Apparently The FTC is Not Concerned for Consumers Suffering a Crisis of Debt
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Angelo

    Some attorneys will say anything for money. Everyone with a conscience knows the FTC saw a huge injustice and acted quickly to stop the cowboys from raping and pillaging consumers who are at their lowest, weakest and most vulnerable moment in their lives. Upfront fees harm consumers, its common sense 101 and everyone knows that. What I find amazing is the ignorance in which these compalies are still conducting themselves. They are going to keep fighting this and end up making it worse for those doing business the right way.

  • http://DamonDay.com Damon Day

    While I agree, there is some truth that there are a lot of industry groups that are against debt settlement companies for various reasons. I am amused by their self serving analysis that completely ignores the fact that 80% to 90% of consumers are put into larger financially damaging situations by enrolling in these front loaded debt settlement programs. The industry to this day, doesn’t even acknowledge that their fee structure is a major problem for consumers, and I feel that that alone was the single biggest reason for the FTC action. If they can’t admit the problem, the FTC will go ahead and regulate the problem out of existence, along with the companies themselves. They really have no one to blame but themselves and their trade organizations.

    Cry me a river!!!!

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