Debt Counseling and Consolidation

The Consumer Finance Protection Bureau (CFPB) oversees consumer protection laws in debt-related services to ensure fair and transparent practices, as well as safeguard consumer rights. State level efforts complement federal oversight by providing guidance and interpretations on debt counseling and consolidation. Potential risks, including fraud, hidden fees and credit reporting violations, are commonly associated with debt-related services. Practitioners should explore this state law survey, covering the 50 U.S. states, District of Columbia, and U.S. Territories, for laws and regulations concerning license, registration, record retention, and prohibitions on for profit debt adjustment services to avoid unnecessary pitfalls.

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Related Content                   

• What You Should Know about the Credit Repair Organizations Act
  Explore this practice note on the Credit Repair Organizations Act’s purpose, consumer protections, required consumer disclosures, prohibitions, the right to credit repair, and recent enforcement actions from federal banking agencies.

• Fair Debt Collection Practices Act
  Learn about the Fair Debt Collection Practices Act (FDCPA), including prohibited activities, regulatory compliance requirements, and recent amendments to the rule.

• Consumer Debt Collection Protections Checklist
  Utilize this checklist as a guide when representing debtors or other interested parties in understanding debt collection protections for consumers under the FDCPA.

• Legal Framework for U.S. Consumer Regulatory Law
  Access this practice note for a comprehensive review of the federal legal framework for financial institutions and entities that provide consumer financial services. The practice note also examines the role of the CFPB and other agencies in regulating and protecting consumer rights.

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