Much is going on right now in the debt settlement industry that is causing many to rethink how they are doing business. Federal and state legislative and regulatory activity related to debt settlement has seemingly reached record levels, consumer credit and debt have increased substantially, and consumers' ability to service that debt is strained. At the same time, Congress, the Obama Administration, the Federal Trade Commission (FTC), 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. In addition, the FTC has informed Congress that it expects to complete its debt relief services rulemaking by mid-summer. And despite some significant changes in state laws, the industry continues to wrestle with legislatures now considering new and more expansive regulations to cover the industry. On top of all that, the Congress is on the brink of final consideration of broad financial reforms including proposals to create a new federal regulator for consumer financial products and services including debt settlement and broadly expanding the authority of the FTC.
The legal landscape facing the industry is rapidly-shifting. Hear from two of the industry’s leading attorneys about what this all means for your company, and what you can do to proactively shape your own future.