Omnibus Debt Collection and Credit Management Act of 1986

[AI summary unavailable — showing source text] Omnibus Debt Collection and Credit Management Act of 1986 - Title I: Establishment of Treasury Department Oversight - Requires the appointment of an Under Secretary of the Treasury for Debt Collection and Credit Management to: (1) supervise the development of, approve, and review the debt collection and credit management system of each Federal agency; (2) evaluate the effectiveness and value of disposing of the Government's loan and delinquent debt portfolio to private sources; (3) require each Federal agency to submit records on its debt status and collection efforts; and (4) provide an annual summary of the activities conducted under this Act to specified congressional committees. Requires the head of each Federal agency to submit for the Under Secretary's approval a comprehensive debt collection and credit management plan. Lists the contents of such a plan, including requirements for: (1) procedures for screening credit applicants; (2) loan origination and application fees to defray costs; and (3) payment schedules comparable to schedules used in private credit transactions. Title II: Improved Debt Collection Practices - Requires each executive and legislative agency to enter in…