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The president is poised to sign into law sweeping financial regulatory reform that will result in a new regulator of consumer financial products and services, including credit counseling
The Internal Revenue Service (the "Service") Office of Chief Counsel ("Counsel") has issued a memorandum providing that organizations that engage in housing counseling may be subject to Section 501(q) of the Internal Revenue Code (the "Code"), and that activities related to the modification of the terms of a borrower's mortgage generally do not violate the Section 501(q) prohibition on loan negotiation
