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News Now

CU System
MSU FCU hosts governor for debt settlement forum
PLYMOUTH, Mich. (3/17/10)--A press conference calling for the regulation of debt-settlement agencies was conducted by Michigan Gov. Jennifer Granholm, Office of Financial and Insurance Regulation Commissioner Ken Ross and GreenPath CEO Jane McNamara March 5 at Michigan State University FCU in East Lansing.
At a press conference about debt settlement at Michigan State University FCU are from left: Ken Ross, Office of Financial and Insurance Regulation commissioner; Jane McNamara, GreenPath CEO; and Michigan Gov. Jennifer Granholm. (Photo provided by the Michigan Credit Union League)
The three promoted the work of debt management organizations, including GreenPath Debt Solutions. MSU FCU is one of several credit unions that works with GreenPath and other state-licensed organizations to provide debt-management consulting to members (Michigan Monitor March 15). The leaders want to regulate debt-settlement agencies that push consumers toward paying money upfront to the company and ignoring creditors. Working with unregulated debt-settlement agencies can contribute to poor credit scores and it can become harder for reputable organizations to help individuals with their debt, said the Michigan Credit Union League’s newsletter. “Protecting Michigan citizens from unregulated debt-settlement programs is part of my administration’s ongoing effort to safeguard consumers and their pocketbooks,” Granholm said. “As consumer debt grows, the number of unregulated and financially dangerous debt-settlement companies is increasing dramatically. It’s now more important than ever for consumers to be aware that safe and sound debt-relief assistance is available.”


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