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Article: Proposed Federal Rules Highlight Need for Financial Reform.
- Article from:
- PR Newswire
- Article date:
- August 26, 2009
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FTC proposals do not apply to a large portion of the debt relief industry
COLUMBIA, Md., Aug. 26 /PRNewswire/ -- Proposed federal regulations governing debt relief services would not apply to the nonprofit portion of the industry at a time when significantly more people are seeking help with debt, according to CareOne Services President Mike Croxson. For example, the proposed rules wouldn't cover nearly 90 percent of debt management program providers, which happen to be nonprofits.
"The proposed rules from the Federal Trade Commission will absolutely help protect consumers who need help dealing with debts they find overwhelming," said Croxson. ...