May 23, 2011 - PT

"Credit Counseling: Telemarketing Sales Rule, Credit Repair Organizations Act, and Litigation Risk Developments" at the Association of Credit Counseling Professionals Spring 2011 Conference

This event has already occurred.
Hilton San Diego Gas Lamp Quarter

Update:  This event has already occurred. Please click here to read Jeff Tenenbaum's remarks, and click here to view the presentation slides.

Evolving regulation and litigation threats continue to plague the credit counseling industry.  As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Act revised the Telemarketing and Consumer Fraud and Abuse Prevention Act enforcement and rulemaking scheme under the Telemarketing Sales Rule, and, as a result, imposed new obligations on credit counseling agencies that provide “debt relief services.”  How will the TSR – largely written for debt settlement companies – impact credit counseling agencies? 

In addition, with the collapse of the U.S. economy in 2008, the lingering fallout at least through 2011, and dips in funding, lawsuits against credit counseling agencies alleging violations of the federal Credit Repair Organizations Act and other consumer protection statutes are a costly diversion.  While the plaintiffs’ bar has concentrated much of its efforts in this area against tax-exempt credit counseling agencies that have affirmative defenses, all credit counseling agencies cannot ignore evolving legal theories, new bases for lawsuits, and the costs of high-stakes litigation. 

This session will update you on all of the latest developments and long-term trends on these topics – to help your company evaluate the current terrain.  You will learn about how tax-exempt status, new products and services (such as less-than-full balance DMPs), and how you proactively conduct your affairs can help you overcome these legal issues.  Also, learn how these issues impact potential mergers and acquisitions within the industry and other important information that is essential to understanding how to remain compliant, stay out of legal trouble, and better understand the future of credit counseling.  Join two of the industry's leading attorneys as they help you identify and understand the industry's biggest legal challenges and answer your questions.

Jonathan L. Pompan, Esq., Of Counsel, Venable LLP, Washington, DC

For registration and more information, visit the ACCPros website.