In this discussion, Kevin and Chris address the recent regulations and guidelines concerning debt packages, debt collectors, and borrowers in financial difficulty. They explore the Debt Packagers Rules, which aim to address bad practices of certain firms that refer consumers to IVA providers for significant fees. However, there are concerns about unintended consequences and the impact on the broader debt counseling community. The conversation also touches on the upcoming Consumer Duty regulations, the need for consistency between regulators, and the potential second-order effects of these changes. They emphasize the importance of monitoring the situation and considering the implications for consumers and the supply chain.
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