WASHINGTON – The Department of Justice US Trustees program is looking for a few good credit counselors. According to NAFCU Director of Compliance Anthony Demangone, to qualify as a credit counseling agency, a credit union would have to: * Have a board of directors not employed by the counseling agency and that would not benefit from the financial outcome of counseling; * Charge a reasonable fee that may be waived (guidance from the Trustees suggests free on up to $50); * Provide safekeeping of client funds; * Provide the necessary disclosures; * Provide adequate counseling that does not create negative amortization; * Provide trained and experienced counselors; and * Provide support services for the life of the plan. The U.S. Trustee Program provides a webpage dedicated to Credit Counseling at: http://www.usdoj.gov/ust/eo/bapcpa/ccde/credit_counseling.htm, with links to the application, FAQs, and other useful information. A list of already approved credit counselors, which did not include any credit unions at press time, is located at http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm. -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.