Top 20 Facts You Should Know About TASC

Organization:

1. TASC is the only non-profit association representing the debt settlement industry.
2. TASC Board members are elected by its membership.
3. TASC has up to 30 Board-at-Large seats that actively participate on various established committees such as conference, public relations, standards, membership, industry statistics, creditor relations, web site, and legislative committees.
4. A full time management staff runs the day to day operations for the Association.
5. TASC has an exclusive arrangement with the leading law firm in the industry, Greenspoon Marder, to provide to its members complimentary resources, compliance seminars and other information on the industry, including State compliance charts as well as marketing and compliance guidance.

Finances:

6.TASC's complete financials, including revenue and expenses and its lobbying budget of over $1.5 million in 2009, are available to its members.
7. All dues collected remain within TASC and are spent on TASC business. Any residuals are carried over to the next year's operation.
8. Over 80% of TASC dues go to efforts to ensure fair and effective regulation of the industry. 100% of TASC dues stay within TASC for TASC business.

Industry Actions

9. TASC contracts with a national firm to track legislation in all 50 States.
10. TASC is proactive in lobbying for fair State legislation and regulation through the hiring of local lobbyists. TASC is currently lobbying in approximately 25 States and anticipates increasing this number in 2010.
11. TASC is recognized as the leader and voice of the industry as sought by the Federal Reserve of Philadelphia, the American Bar Association, the Wall Street Journal, the Associated Press, the San Francisco Chronicle, MSNBC, Source Media (for American Banker and CCR News), Nielson, the National Association of State Legislators and many other media outlets.
12. TASC has contracted with both a Federal lobbyist and FTC counsel to help educate and promote the understanding of our industry within the U.S. Congress and within the Executive Branch, particularly with the Federal Trade Commission.
13. TASC filed suit and successfully won an injunction against the State in Pennsylvania stopping the enforcement of a new anti-debt settlement statute. TASC later won legal argument that created new case law as precedent: The Association of Debt Settlement Companies v. Department of Banking, ___ A.2d ___, No. 11 M.D. 2009 (Pa. Cmwlth. July 24, 2009) (en banc); 2009 Pa. Commw. LEXIS 768. TASC actively encourages its members to travel with its lobbyists to meet with regulators, State Attorney Generals and legislators, so that members can interact directly with them.
14. TASC Board members are actively involved on the creditor/collections side of the business, with a Board member sitting on the Credit and Collections News Advisory Board and with members being members of the Debt Buyers Association International.

Consumer and Company Protection and Transparency

15. TASC has member standards and disclosures that protect the consumer and help debt settlement companies stay compliant.
16. TASC standards and disclosures and its membership list are listed right on our web site for everyone to see – transparency that has been applauded by regulators and media.
17. TASC contracts with an outside, independent company that secretly shops its members to help ensure compliance with organization standards and requirements.
18. TASC actively enforces its membership requirements and has taken actions, including membership revocation, against member companies.
19. TASC has a nationally recognized independent third-party member Accreditation program through BSI (British Standards Institute).
20. TASC has hired a leading Public Relations firm to ensure that debt settlement is portrayed in the press in a balanced manner and to generate more positive press for the debt settlement industry and TASC.

[1] One other non-TASC member joined in the hearing and was also granted an injunction order.