Debt Relief Industry Regulation / Legislation

Venable Presents Overview of the New Consumer Financial Protection Act

Today the Venable law firm, through their debt relief experts Jeffrey S. Tenenbaum, Esq. and Jonathan L. Pompan, Esq. provided an overview of the new Consumer Financial Protection Act (CFPA) and the Consumer Financial Protection Bureau (CFPB) and how it applies to credit counseling agencies, debt settlement companies, and debt relief service providers.

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The presentation is about 1:25 but it is an extensive overview of all the issues that professional debt relief providers need to be aware of. The question and answer section at the end was interesting.

The handout for the call is here.

The audio presentation can be heard below.

This presentation is republished with the permission of Venable and if anyone has additional questions and desires professional legal services as a debt relief provider you may want to contact the presenters:

Jeffrey S. Tenenbaum, Esq.
[email protected]
(202) 344-8138

Jonathan L. Pompan, Esq.
[email protected]
(202) 344-4383


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About the author

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.

4 Comments

  • The irony is that some of these fly-by-night debt relief marketers would be put out of debt with just a few minutes of penalties at $694/minute.

    I don’t see the two agencies merging in my lifetime. The FTC will want to guard it’s territory and still has plenty to do in other areas.

  • Great presentation, the CFPB will have an incredible amount of authority. With the ability to impose fines up to $1M PER DAY, they can shut down just about any financial institution/provider they they deem to be unfair, deceptive, or abusive.

    It looks like they plan for the CFPB and the FTC to work hand in hand, and they have many of the same objectives and authorities. Do you ever see FTC becoming a functional unit within the CFPB?

  • Great presentation, the CFPB will have an incredible amount of authority. With the ability to impose fines up to $1M PER DAY, they can shut down just about any financial institution/provider they they deem to be unfair, deceptive, or abusive.

    It looks like they plan for the CFPB and the FTC to work hand in hand, and they have many of the same objectives and authorities. Do you ever see FTC becoming a functional unit within the CFPB?

    • The irony is that some of these fly-by-night debt relief marketers would be put out of debt with just a few minutes of penalties at $694/minute.

      I don’t see the two agencies merging in my lifetime. The FTC will want to guard it’s territory and still has plenty to do in other areas.

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