Debt Settlement Services

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

by BuckleySandler LLP on 5/17/2013

On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more

CFPB announces criminal referral relating to alleged debt-relief scam

by Barbara S. Mishkin | Ballard Spahr LLP on 5/8/2013

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

Decisions, Decisions. Bankruptcy or Debt Settlement?

by John Skiba on 4/29/2013

If you have read my blog at all you have likely read my mantra that “no body wants to file for bankruptcy”. Sometimes it is just flat out necessary. But how do you know if bankruptcy is the right choice?...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

by BuckleySandler LLP on 4/1/2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

Debt settlement for you? Be very afraid.

by Malcolm Ruthven on 3/18/2013

Are you struggling with debt and considering a "debt settlement" company? In 2011, the New York City Department of Consumer Affairs called debt settlement “the single greatest consumer fraud of the year.” The Better Business...more

Protecting Your Nonprofit Housing Counseling Agency's 501(c)(3) Status

by George Constantine, Matthew Journy, Jonathan L. Pompan, Jeffrey S. Tenenbaum | Venable LLP on 3/13/2013

In this presentation: - What the IRS is doing - What agencies can expect - The legal requirements for 501(c)(3) status - Recent IRS treatment of housing counseling agencies - How to prepare...more

FTC Continues To Target Debt Collectors and Debt Relief Companies

by John L. Culhane, Jr., Stefanie Jackman, Alan S. Kaplinsky, Heather Klein, Glen Trudel, Christopher J. Willis | Ballard Spahr LLP on 2/11/2013

The Federal Trade Commission’s continuing focus on the debt collection and debt relief industries was clearly demonstrated by several recently announced lawsuits and settlements....more

CFPB Brings First Joint Enforcement Action With States Against Payday Loan Debt Relief Company

by Michael W. Jahnke, Michael Mallow, Michael Thurman | Loeb & Loeb LLP on 12/19/2012

The Consumer Financial Protection Bureau, together with five states, has filed a federal complaint and submitted a proposed stipulated final judgment and order against a Florida company and its president for allegedly...more

Debt Recovery & Collection: USA

by Laura Ellen Browning | Snell & Wilmer L.L.P. on 11/28/2012

Originally published in Lawyer-Monthly.com - Legal Focus, November 2012. Looking further into the issues surrounding debt recovery and collection, Lawyer Monthly turns its attention towards the US and speaks to Laura...more

CFPB denies another motion to modify or set aside CID

by Ballard Spahr LLP on 10/31/2012

The CFPB has refused to modify or set aside a civil investigative demand (CID) issued to Next Generation in connection with an investigation of the company’s debt settlement services business....more

CFPB Targets Debt Relief Services Market for Supervision

by Venable LLP on 6/30/2011

On June 23, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced it had targeted debt relief services as one of six nonbanking consumer financial market areas that could be classified as “larger participants” and...more

Credit Counseling: Telemarketing Sales Rule, Credit Repair Organizations Act, and Litigation Risk Developments

by Venable LLP on 5/25/2011

AGENDA: -Introduction -What does the new Telemarketing Sales Rule Mean for Credit Counseling? -Consumer Financial Protection Act –Consumer Financial Protection Bureau -Credit Repair Organizations...more

New California Debt Settlement Bill Would Limit Fees To No More Than 15% Of Consumer Savings

by Loeb & Loeb LLP on 3/18/2011

A new bill introduced in California would prohibit debt settlement providers from charging any fees in excess of 15% of the amount of consumers’ savings as a result of any settlement. The Debt Settlement Consumer Act...more

Middlemen Run Afoul of FTC Suspicions

by Jeff Ifrah on 2/3/2011

Brokers, middlemen, and intermediaries serve an economic purpose: to put people who want a product or service in touch with a product maker or service provider. Real estate brokers help us buy and sell homes; mortgage brokers...more

Eighth Circuit Holds Consumer Payments To Debt Settlement Company Not Avoidable In Bankruptcy Where “Reasonably Equivalent Value”...

by Loeb & Loeb LLP on 12/1/2010

The Eighth Circuit Court of Appeals Bankruptcy Panel has upheld a North Dakota federal district court’s ruling that payments to a debt settlement company were not avoidable as “fraudulent transfers” in a Chapter 7 bankruptcy...more

Texas Attorney General Targets Debt Settlement Companies

by Robert Kraft on 6/20/2009

Financially distressed consumers have been flocking to debt settlement companies during the economic downturn, hoping to avoid bankruptcy and limit damage to their credit scores. Unfortunately, some debt settlement companies...more

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