Senate Committee Hearings On Foreclosure Rescue, Debt Management, Credit Counseling Scams

The Senate Committee on Commerce, Science, and Transportation Thursday held a full committee hearing on Consumer Protection and the Credit Crisis and enforcement against fraudulent credit repair schemes under the Credit Repair Organization Act (CROA).

The Committee examined consumer protection in credit counseling, debt management, and foreclosure rescue programs and fraud. The Committee also examined oversight of the federal authorities, protecting distressed consumers from mortgage fraud scams, and steering families away from these fraudulent schemes toward a path of financial stability.

To watch the proceedings, see Consumer Protection and the Credit Crisis (fast forwarding the video by about 10 minutes may be required).