Much is going on right now in the credit counseling industry that is having a major impact on every organization in the industry. Federal and state legislative and regulatory activity related to credit counseling has seemingly reached record levels, the Obama administration continues to seek creative new ways to stem the housing crisis, consumer credit and debt have increased substantially, and consumers' ability to service that debt is strained. At the same time, the Federal Trade Commission, state Attorneys General and others are taking a more proactive interest in the workings of the industry and in protecting consumers from false and misleading advertising related to debt relief services. And despite having worked through examinations of a major portion of the industry, the IRS has now shifted its attention to such issues as executive compensation and benefits, as it pursues “intermediate sanctions” investigations that are a concern for boards of directors and executives alike.
Jeffrey S. Tenenbaum and Jonathan L. Pompan will discuss legislative and regulatory trends, potential litigation concerns, what’s on the horizon, and how you can proactively respond to it all.
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