Interesting messages floating around about the Debt Settlement Consumer Protection Act of 2010. At least one debt settlement trade group is trying to vilify the creators of this legislation by saying the bill was secretly drafted by New York based liberal activists.
But the major drivers of this bill appear to be primarily D.C. based entities and while the debt settlement industry wants to say the bill was drafted in secret for the past nine months, I happen to have an email showing others were in on the legislation and knew of it before it was made public.
Sure the National Foundation for Credit Counseling scored a coup on this bill but take a look at some of the other entities that were in the loop as well as National Foundation for Credit Counseling (NFCC), Consumer Federation of America (CFA) and the National Consumer Law Center (NCLC) that applauded the bill.
Bank of America
Credit Union National Association
Financial Services Roundtable
So before everyone gets their britches in a bunch that this bill is some liberal only undertaking, you might want to ask the banks what they did or did not do to stop it. It appears they had members in the loop.