01 Apr 2025
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.
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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Read this update to see the newest additions to Practical Guidance. This guide is designed to help you find the tools and insights you need to work more efficiently and effectively. - Trends & Insights provides the latest in news articles and insight documents on trending areas for financial service organizations.
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- State Law Comparison Tool—Topic: Financial Institution Regulation provides federal/state-specific guidance and the ability to compare state laws for banking and non-banking financial institutions.
- For Practical Guidance content on important recent trends, review these easy-to-use Resource Kits on a variety of emerging topics:
- Financial Services Regulations Fundamentals Resource Kit
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- Explore the Chevron Reversal Impacts Resource Kit for analysis related to the Supreme Court’s decision to overturn four decades of deference to federal agency interpretations of ambiguous statutes.
- The Practical Guidance Journal 2025 Edition One features guidance on what attorneys need to know about deepfake technology, a look ahead at AI risk management, an artificial intelligence checklist, and a review of cautions and key AI legal issues in DEI and employment discrimination.
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