Four Seasons Hotel
The new Federal Trade Commission debt relief amendments to the Telemarketing Sales Rule (“TSR”) have ushered in a new round of regulation for all in the credit counseling industry of critical importance. For example, it is expected that the UDMSA will be amended to conform to the FTC’s amendments to the TSR by the time the credit counseling industry marks the 6th anniversary of the of the model law for state legislatures on July 21, 2011. Most notably, the new model language will include an advance fee ban provision and several related changes. Further, state legislatures across the country are considering and, in some cases, passing amendments to their existing state debt adjusting laws to impose TSR-like restrictions on all providers of covered debt relief services, including debt management plans. And, on top of all this, also on July 21, the industry will officially gain a new federal regulator – the Consumer Financial Protection Bureau – which will have oversight, rulemaking and enforcement authority over credit counseling agencies, including using, if it so chooses, the TSR.
All these changes and more will cause major changes for small and large agencies seeking to remain complaint, develop new products and services, including less-than-full balance DMPs (w/principal reduction), and remain focused on their missions of aiding consumers. This session will help your agency evaluate the current terrain and plan for the future. Join two of the industry's leading attorneys as they help update you on all of the latest developments and long-term trends on these topics, put it all into perspective, and answer your questions.
Jonathan Pompan, Esq., Of Counsel, Venable LLP, Washington, DC
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