For the first time in decades, credit counseling finally has a chance to step back to the head of the pack regarding consumer debt relief options.
Unless the NFCC board and creditors pull the strings to outsmart Croxon as the new CEO, everyone should expect big changes in credit counseling in the future.
In my crystal ball, I see Croxon dragging credit counseling groups, some kicking and screaming, into providing a range of services that will be a direct competition of debt settlement, debt validation, credit repair, and small personal loans. I would not be surprised if he didn’t develop a bankruptcy attorney referral network as well.
Mike is a very smart guy, a force to be reckoned with, and if NFCC can get out of its own damn way and let him drive the bus, he can lead that group into the future and position them as meaningful competition for much of the for-profit debt relief industry.
Don’t underestimate the power of Croxson.
NFCC Press Release
The National Foundation for Credit Counseling (NFCC) has named Mike Croxson as CEO of the association. Croxson brings more than three decades of experience in the credit counseling and financial education sector to his new role at the helm of the nation’s largest and longest-serving nonprofit credit counseling association. Croxson will begin his new role on September 26th.
“Mike’s work reflects his dedication and commitment to the core principles reflected in the mission and values of the NFCC,” said NFCC Board of Trustees Chair Debbie Bianucci. “At a time when nonprofit credit counseling agencies are tasked with helping consumers overcome increasingly complex financial challenges, his experience brings clarity and a renewed purpose as the NFCC supports the success of its members.”
A top priority for Croxson is to work closely with NFCC Members to ensure that they are in the best position to reach and serve those who can benefit from their services. This includes the advancement of expanded debt relief options that are safe and transparent alternatives to payday loans, unregulated fintech services, debt settlement or bankruptcy.
“It is a distinct honor to have the opportunity and the privilege to lead an organization that supports the work of so many dedicated nonprofit financial professionals throughout the nation,” said Croxson. “NFCC members are a lifeline for millions of Americans who struggle to stay afloat financially at a time when the need for their help is growing. We have the opportunity to build on our traditional strengths by adding digital and technology options, and I look forward to working with all of our members to build their capacity for expanded services and offerings.”
Mike most recently served as the President and CEO of Consumer Education Services, Inc.(CESI), an NFCC Member nonprofit financial counseling and debt management services agency that provides financial coaching and education assistance to millions of consumers throughout the United States. Prior to joining CESI, Mike served as Chief Operating Officer of Bay Bank, FSB and has held senior leadership roles in the areas of commercial banking, specialty financial services and credit card processing. Mike also has more than a decade of experience as the President and Chief Operating Officer of CareOne Debt Relief Services, one of the nation’s largest debt resolution services.
While at CESI, Croxson led the creation and development of a number of innovative programs that addressed the holistic financial needs of consumers and small business owners. That work included the development of Community Development Financial Institutions (CDFI) which earned recognition as an SBA-approved Community Advantage lender and SBA Microlender throughout North Carolina.
Croxson’s member perspective and record of volunteer service to the NFCC Board of Trustees will help him guide the organization and its members to serve the increasingly complex needs of future clients.
