The Debt Relief Industry will be forever changed by the announcement and publishing of new rules from the FTC today. The rules are designed to protect consumers from those marketing and providing debt settlement services.
The most contested measure anticipated in the new rules is a ban on companies charging upfront fees. Upfront fees have been held up as necessary by the majority of debt settlement companies who have lobbied heavily to maintain the status quo. Consumer advocates and regulators have argued that upfront fees are the equivalent of an abusive business practice. We, at CRN and Debt Bytes, agree! Which is why CRN fees for full service debt settlement have always been based on SUCCESS, after the creditor is paid.
Stay tuned to Debt Bytes, as we will be covering the impacts of these changes in the coming weeks.
For Immediate Release
July 28, 2010
**MEDIA ADVISORY FOR TOMORROW**
FTC Chairman to Announce a New Debt Relief Rule to Protect Financially Distressed Consumers at Middle Class Task Force Event
WASHINGTON – Tomorrow, Thursday, July 29th, at 1:30 PM ET, Federal Trade Commission Chairman Jon Leibowitz will announce a new rule to protect consumers of debt relief services at a Middle Class Task Force event at the White House. Following the Chairman’s announcement, Vice President Biden will discuss the administration’s consumer protection agenda and the importance of consumer protection to middle-class families.
This event will be POOLED for TV cameras, and OPEN to print, online, radio and still photographers. An RSVP is required to participate.
WHAT: FTC Chairman to Announce a New Debt Relief Rule to Protect Financially Distressed Consumers at Middle Class Task Force Event
WHO: Vice President Joe Biden, Federal Trade Commission Chairman Jon Leibowitz
WHEN: Thursday, July 29, 2010, 1:30 PM ET
- Gather time: 1:00 PM ET at the White House stakeout location
- Camera pre-set: 12:30 PM ET
WHERE: Eisenhower Executive Office Building, Room 430
RSVP: Press who wish to cover this event should RSVP to [email protected] by tomorrow, Thursday, July 29, 2010 at 8:00 AM ET. **Press who DO NOT have a White House hard pass should include their Date of Birth and Social Security Number. All press must enter the White House at the Northwest Gate.**