Department of Justice Makes Very Strange Claims About Debt Settlement & Credit Counseling

A reader brought to my attention today a post by the Department of Justice about debt relief. While I think the intention was to help protect consumers from debt relief scams, in this case they missed the mark entirely. The beginning of their blog post is reasonable and factual when they say, “These companies generally … Read more

Consumer Groups Call on CFPB to Provide Easy Access to Complaints Filed Against Companies

Consumers Union and a bunch of other groups have submitted a letter to the CFPB to ask that consumers have easy access to complaints filed against companies. Washington D.C.- A coalition of consumer, civil rights, good government, and community groups have called on the new federal financial watchdog, the Consumer Financial Protection Bureau (CFPB), to … Read more

Consumer Groups Make the Case to Not Exempt Debt Settlement Attorney Model From Regulation

This letter was sent in by a loyal tipster (send in your tips here), thank you. Oppose the House Offer on H.R. 4173 to Exempt Attorneys Engaged in Unfair, Deceptive or Abusive Consumer Financial Practices June 22, 2010 House-Senate Conferees, H.R. 4173 Washington, DC 20510 Dear Senator or Representative: Americans for Financial Reform and the … Read more

The Latest Delivery of TASC and USOBA Debt Settlement Horseshit to the FTC.

There were some recent interesting meetings over at the Federal Trade Commission. These involved the proposed telemarketing sales rules the Federal Trade Commission is going to put forward. The first meeting was with representatives of The Association of Settlement Companies (TASC) and the United States Bankruptcy Alternatives (USOBA) in attendance. At the June 3, 2010 … Read more

How to Be Financially Successful When You Graduate

Congratulations! You’ve made it through the starving student years and now you’re ready to start a job and earn some real money. You’re probably thinking about all the things you’ll be able to buy, places you’ll go and things you’ll be able to do when those paychecks start rolling in. Not so fast. If you’re … Read more

Debt Settlement Trade Group Blaming New York Activists for Debt Settlement Legislation But Banks Were In On It As Well

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 … Read more

Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out.

Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Capital One Financial Corp., American Express Co. and HSBC Holdings have finally come together with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process … Read more