Links

Reports and Memoranda About Credit Counseling and Debt Settlement

• U.S. Senate Permanent Subcommittee on Investigations, “Profiteering in a Non-Profit Industry: Abusive Practices in Credit Counseling”, April 2004
• VISA USA, Credit Counseling Debt Management Plan Analysis, January 1999
• Federal Reserve Bank of Philadelphia, “Consumer Credit Counseling: Credit Card Issuers Perspectives”, September 2003
• Federal Reserve Bank of Philadelphia, “Panel Discussion on Dynamics in the Consumer Credit Counseling Service Industry”, September 2001
• Report of Temporary Receiver of National Consumer Council (May 2004)

I.R.S. Memoranda and Reports Related to Credit Counseling

• I.R.S. Report: Debra Cowen and Debra Kawecki, Credit Counseling Organizations, CPE 2004-1, January 9, 2003
• FTC, IRS and State Regulators Urge Care When Seeking Help from Credit Counseling Organizations, October 13, 2003
• IRS Takes Steps to Ensure Credit Counseling Organizations Comply with Requirements for Tax-Exempt Status FS-2003-17, October 2003
• IRS 2005 Dirty Dozen

Selected Enforcement Actions Against Credit Counseling and Debt Settlement Companies and Press Releases

• Complaint in Fed. Trade Comm’n v. AmeriDebt Inc., DebtWorks, Inc., Andris Pukke and Pamela Pukke (D. Md. filed Nov. 19, 2003).

• Complaint in Fed. Trade Comm’n v. Ballenger Group, L.L.C., and Ballenger Holdings, L.L.C. (D. Md. Filed Nov. 19, 2003).
• Stipulated Final Judgment
• Complaint in FTC v. National Consumer Council, et seq., April 23, 2004
• Complaint in FTC v. Debt Management Foundation Services, Inc., July 20, 2004
• California Attorney General complaint against Integrated Credit Solutions
• Press Release, January 11, 2005 re: North Carolina Attorney General settlement with Cambridge
• Press Release, April 5, 2005 re: Massachusetts Attorney General lawsuit against Cambridge:

Additional Information

• Federal Reserve Letter on Debt Elimination Scams, January 2004
• OCC Advisory Letter on Credit Card Practices, September 2004
• FFIEC Draft Guidelines on Credit Card Lending: Account Management and Loss Allowance Guidelines (July 2002)