Post-Election Analysis and Its Impact on the Debt Settlement Industry
Why You Should Enter into a Payment Plan with a Junk Debt Buyer
3 Proven Strategies to Get the Lowest Debt Settlement Possible
Earlier this year Tennessee enacted the Debt Resolution Services Act (the “Act” or “DRSA”), a new statutory framework that will govern traditional debt settlement services effective January 1, 2026. For years, debt settlement...more
The Wisconsin Department of Financial Institutions, Division of Banking, has finalized new regulations governing adjustment service companies, effective October 1, 2025. Adjustment service companies, businesses that, for a...more
On September 9, two court orders were entered against individuals involved in the student loan debt relief industry. The individuals were barred from the debt relief industry and ordered to pay civil money penalties as well...more
On June 18, 2025, the New York Legislature passed the Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act (the “FAIR Act”). This significant legislation marks the most substantial update to...more
The debt settlement industry is fast emerging as a significant portion of the overall consumer financial services market, yet many still do not understand the space. Please join Hudson Cook partner Cathy Brennan as she...more
While uncertainty continued to loom over the CFPB, the states did not take a spring break. Instead, we saw an eye-popping settlement from NY DFS involving BSA/AML claims. And both republican and democratic AGs continued to...more
On March 25, 2025, North Carolina Senators Johnson (R), Overcash (R), and Jackson (R) as primary sponsors introduced Senate Bill 491 (“S.B. 491” or the “Bill”), which seeks to license, examine, and regulate debt settlement...more
While the Consumer Financial Protection Bureau (“CFPB”) may have halted certain operations, it is remaining active in certain litigation, including cases brought by multistate attorneys general. Recently, the CFPB signaled...more
On February 24, 2025, California Assemblymember Avelino Valencia (D-Anaheim) introduced Assembly Bill (AB) 1166, which seeks to amend and expand the state’s existing Fair Debt Settlement Practices Act (the “Act”) to include...more
Clark Hill’s Financial Services and Regulatory Compliance Group has authored a whitepaper for debt settlement companies considering engaging a third-party payment processor for managing accounts and handling financial...more
On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more
The California Department of Financial Protection and Innovation (“DFPI”) announced new requirements pursuant to the California Consumer Financial Protection Law (“CCFPL”) for registration of certain consumer financial...more
Discover insights from regulatory attorneys, Felix Shipkevich and Yvonne Bowser-Caballero of Shipkevich PLLC, who recently hosted this webinar to discuss a post-election overview of the regulatory state of the debt settlement...more
On December 3, the CFPB filed a proposed settlement to resolve a long running lawsuit against a student loan relief company and its owner (collectively, the “Defendants”). The settlement bars the company from offering or...more
Felix Shipkevich and Yvonne Bowser-Caballero of Shipkevich PLLC, with special guest Nicholas Kosmas, Chief Legal Officer of ClearOne Advantage LLC, will host a webinar to discuss a post-election overview of the regulatory...more
On October 22, the California DFPI announced the state’s approval of registration regulations enacted under the CCFPL, which will require providers of (1) debt settlement services, (2) education financing, (3) income-based...more
On October 11, California’s Office of Administrative Law (“OAL”) approved the Department of Financial Protection and Innovation’s (“DFPI’s”) registration rulemaking for providers of the following products...more
On October 21, Minnesota Attorney General Keith Ellison announced a settlement with two debt settlement companies, Financial Solutions Group and Accelerated Debt Settlement....more
Minnesota Attorney General Keith Ellison has secured a court order against Wall & Associates, Inc., and associated individuals (collectively “Wall”) for their involvement in an alleged tax debt settlement scheme in violation...more
On October 11, 2024, the California Department of Financial Protection and Innovation (DFPI) approved regulations submitted to the California Office of Administrative Law (OAL) under its authority granted by the California...more
Colorado bankruptcy trustees have recently been increasing their focus on debt settlement companies and attorneys alleged to be performing services in violation of the Colorado Uniform Debt-Management Services Act (“CUDMSA”...more
Pennsylvania Attorney General (AG) Michelle Henry reached a settlement with attorney Erik Helbing and his business, Helbing Law Group, LLC, resolving allegations of deceptive advertising practices and failure to effectively...more
On January 24, 2024, Pennsylvania Attorney General, Michelle Henry announced a settlement with attorney Erik M. Helbing and his businesses Helbing Law, LLC, and Consumer Law Relief, LLC. (Respondents) to resolve alleged...more
This article highlights the few newsworthy actions and events we wrote about the debt settlement industry throughout the year. The debt settlement industry did see some movement by regulatory bodies across the board, though...more
Welcome - Welcome to the first edition of Licensing Link, a new periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on...more