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Credit Counseling Compliance Tips to Start 2012

Jonathan Pompan of Venable has released a good set of five tips for credit counseling groups to consider to make sure they remain in compliance. This is a great article to be read in conjunction with My Debt Relief Industry Forecast for 2012.

Pompan’s tips include:

  1. Include class action arbitration language in client contracts.
  2. Get ahead of the Consumer Financial Protection Bureau (CFPB) on transparency and just be aware the CFPB is going to be looking hard at the credit counseling industry. {Currently Cambridge Credit Counseling is the leader in this field. They just released another transparency report on performance.)
  3. Make sure you have reviewed if your credit counseling group needs to be registered or licensed under the state money transmitter laws in states you operate in.
  4. It’s time to review your liability insurance policies.
  5. Annual privacy notifications are due customers.

You can read the entire advice by Pompan and his extended descriptions on each topic, here.


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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.

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