Center for Responsible Lending Sends Out Press Release on California Debt Settlement Consumer Protection Act (SB 708)

The Center for Responsible Lending has sent out the following press release on the California Debt Settlement Bill that has been proposed by Majority Leader Ellen Corbett. Here is a copy of the current version of SB 708 as introduced. The history of SB 708 can be found here. OAKLAND, Calif., March 7, 2011 /PRNewswire-USNewswire/ … Read more

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 … Read more

What About S.3264 Passing? What Are The Odds?

David sent in the following question: Hello Steve, What do you think the chances are of the Debt Settlement Consumer Protection Act S.3264 passing? I was thinking since all up front fees are now banned, maybe that will clean up the industry and S.3264 might not be needed as much now. For those not familiar … Read more

TASC Folds, Accepts New FTC Rules and Leaves USOBA Swinging

In one of the more commendable moves that The Association of Settlement Companies has undertaken they have issued the press release below publicly stating they will abide by the new FTC rules. Guys, you did the right thing. It was the only move to make. Except for the last minute whinging in the release, you … Read more

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

Shenanigans and actions of the debt settlement industry members and their trade associations will do more to further limit the activities of the debt settlement industry. Rather than embrace the FTC rules and come out in support of fair and reasonable directives from the Federal Trade Commission to protect consumers from debt relief, debt settlement, … Read more

Mike Croxson from CareOne and I Talk About The New FTC Rules, Attorney Model Debt Settlement and the Lack of Clarity in Credit Counseling

Mike Croxson, the president of CareOne, a provider of debt settlement and debt management plans, and I chat about current events in the debt relief world. Some of the issues Mike and I talk about: Where are the loopholes from the Federal Trade Commission telemarketing sales rules. What is the endgame to chasing loopholes. The … Read more

TASC Does Not Seem to Get It. Quote Makes Me Question Their Version of Reality.

In an article on CreditCards.com, Dave Leuthold, the executive director of The Association of Settlement Companies (TASC) and the CEO of Century Negotiations, Inc. (CNI) is quoted as making the following statement. “We’re disappointed that the FTC came out with this ruling, especially with regards to the advance fee ban,” Leuthold said in a telephone … 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

Consumer Groups Speak Out for Debt Settlement Regulations

Here is a press release that was sent out yesterday by the National Consumer Law Center, Maryland Consumer Rights Coalition, National Consumer League, Consumer Action, Consumers Union and the Consumer Federation of America. It appears to ask Congress to get moving on passing the Debt Settlement Consumer Protection Act of 2010. Consumers Need Relief from … Read more

Debt Settlement Consumer Protection Act S.3264 Oh So Not Dead

On the phone today and had some very enlightening conversations with inside sources on the Hill who must not have received the memo that S.3264 the Schumer-McCaskil Debt Settlement Protection Act is dead and forgotten, killed by TASC and USOBA lobbying. Members on the Hill are preparing to continue pushing S.3264 and are very confident … Read more

Debt Settlement Consumer Protection Act Labeled Anti-Consumer By TASC

May 14, 2009 Here is an recent email that was sent to me at click here that is reported to be sent out by The Association of Settlement Companies to members to try to defeat the Debt Settlement Consumer Protection Act. Three things struck me. To label the bill as anti-consumer is not helpful. There … Read more

Debt Settlement Consumer Protection Act Attached as Amendment. Fee Increased. Attorney Model Killed.

The Debt Settlement Consumer Protection Act has been attached as an amendment for vote with the Restoring American Financial Stability Act of 2010. It is S.AMDT.3960 and based on support of the Restoring American Financial Stability Act of 2010 the amendment will probably be approved. Text of amendment with change to settlement fee being 10% … Read more

Ethical Debt Settlement Firm Speaks Out About the Debt Settlement Consumer Protection Act

Here is a statement from a debt settlement company in response to the proposed Debt Settlement Consumer Protection Act. It is interesting to see a debt settlement company that is in favor of measures that might still close a majority of other debt settlement companies. What do you think? Agree? Disagree? Post your comments and … 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

Text of the Debt Settlement Consumer Protection Act of 2010

Here is what I believe to be the final the text of the Debt Settlement Consumer Protection Act bill as presented. Of course this will be the starting point and who knows what it will look like before passage. A BILL To amend the Consumer Credit Protection Act to provide for regulation of debt settlement … Read more