TASC to Address Proposed FTC, Illinois Laws at Financial Services Collections & Credit Risk Conference

(MADISON, Wis.)—The Association of Settlement Companies today announced that Legislative Director Wesley Young will respond to both the Federal Trade Commission’s and Illinois treasurer’s recent proposals to regulate the debt settlement industry at the Source Media Financial Services Collections & Credit Risk Conference, held Oct. 18-20 at Caesars Palace in Las Vegas.

The FTC proposed recently banning debt relief companies from charging fees before a settlement is finally funded and documented as such by the creditor. This week, Illinois State Treasurer Alexi Giannoulias made a similar proposal by calling for legislation that would limit the fees debt settlement companies may charge.

Young will explain to attendees how these proposals will put debt settlement companies out of business and ultimately hurt consumers who are struggling with their finances.

“Consumers should have more options in dealing with their debt—not fewer—especially in these economic times,” Young said. “The consequence of these proposed fee structures would not only disenfranchise the consumer but also credit card companies and collectors that received more than $2.2 billion in settlement payments from debt settlement companies last year alone.”

Young will be joined by TASC Vice President Dave Leuthold and Executive Board Member Teresa Schumann-Dodson, all of whom together will present on Sunday “Understanding the Debt Settlement Industry and Leveraging Debt Settlement Accounts to Increase Recoveries in a Distressed Economy.”

All three also will discuss leveraging debt settlement as a recovery channel with four other industry veterans.

More information on this presentation and the conference, which is put on by Source Media, can be found at http://www.sourcemediaconferences.com/FSCC09/compworkshop.html.  

About The Association of Settlement Companies
The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit www.tascsite.org.