Debt Relief Industry Regulation / Legislation

NYC Still Pushing for Debt Settlement Consumer Protection Act

On November 18, 2010 a meeting was held with the New York City Council and testimony was presented. As part of that testimony it was reveled that the New York City Department of Consumer Affairs is still pushing for the Debt Settlement Consumer Protection Act.

We are also pushing for strong federal legislation, the Debt Settlement Consumer Protection Act of 2010 (S.3264 / H.R. 5387), introduced by Senator Schumer and Representative Gutierrez. We’ve met with senior staff members of both legislators to urge the enactment of this important bill. And we encourage the Council to join us in this push by passing a resolution that unequivocally supports Senator Schumer’s office in this effort. – Source

At the same meeting, Legal Services NYC, said it was in favor of limiting debt settlement fees via passage of the Uniform Debt Management Services Act (A7268B) that was put forward by Assemblywoman Audrey Pheffer. – Source

Sincerly,
Steve

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See also  I Am Going to be Dead Right on This. Fighting the FTC Rules Will Sink the Debt Settlement Industry.



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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.

8 Comments

  • How does the Association of Independent Conusmer Credit Counseling Agencies fall in to all of this? How is their relationship with the NFCC? Size wise they appear pretty small compare to the NFCC and maybe not so much under the creditors thumbs?

  • The Schumer bill was drafted by debt management companies for debt management companies with the full support of their bosses, credit card issuers.

    From 30,000 feet it all looks like a blatant attempt to form a monopoly, an NFCC Coup if you will.

    Monopolies in commerce are supposedly frowned upon. I think the FTC saw that and delivered rules consistent with protecting consumers while still leaving a market for free enterprise and competition.

  • What is the point? It sounds like most of the industry is gone and the companies who do not comply are going to be flushed out or just go away because of lack of business. The bill had a 5% and then a 10% of savings fee cap which was for the sole purpose of shutting down the industry.

  • What is the point? It sounds like most of the industry is gone and the companies who do not comply are going to be flushed out or just go away because of lack of business. The bill had a 5% and then a 10% of savings fee cap which was for the sole purpose of shutting down the industry.

    • The Schumer bill was drafted by debt management companies for debt management companies with the full support of their bosses, credit card issuers.

      From 30,000 feet it all looks like a blatant attempt to form a monopoly, an NFCC Coup if you will.

      Monopolies in commerce are supposedly frowned upon. I think the FTC saw that and delivered rules consistent with protecting consumers while still leaving a market for free enterprise and competition.

      • How does the Association of Independent Conusmer Credit Counseling Agencies fall in to all of this? How is their relationship with the NFCC? Size wise they appear pretty small compare to the NFCC and maybe not so much under the creditors thumbs?

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