After a change in state law as it pertains to credit counseling, the Indiana Department of Financial Institutions (the state agency charged with regulating the credit counseling industry) began to interpret the law concerning consumer income verification and budget analysis in a manner that was largely unworkable and differed from all other states. In response, the largest national consumer credit counseling organization asked Faegre Baker Daniels Consulting if we could assist.
The firm’s federal relations and Indiana state relations teams collaborated to create a solution. The Indiana team leveraged relationships at the Department of Financial Institutions and, while unable to achieve a change in the agency’s statutory interpretation, reached an understanding as to what legislative changes in this realm the agency might find acceptable.
The Indiana state relations team then leveraged relationships at the legislature to modify the existing law through amendments during the 2017 session, efficiently resolving the issue for the client. By taking a relationship-focused, cross-office approach to the issue, the team was able to first confirm that the regulatory agency was not troubled by the suggested change, then worked effectively with the legislature to effectuate the desired legislative outcome.