There’s a new sheriff in town!
Last week President Obama appointed Richard Cordray as director of the Consumer Financial Protection Bureau. On the surface this decision may not sound like much but for the debt collection industry this will be a game changer and has every CEO of a major debt collection agency shaking in his boots! Why?
Let me explain.
The mission of the bureau is to “make sure that the rules of the road are enforced, and that a few bad actors in the financial sector can’t break the law, can’t cheat working families, can’t threaten our entire economy all over again,” Obama said.
That’s bad news for debt collection agencies. According to the FTC, debt collectors routinely top the list of consumer complaints. In fact, in 2010 they were number 2. It will not be long before the CFPB sets its sights on this industry.
This is great news for you and me as we will be one of the few left standing with a business model that will take full advantage of the coming changes. I started Ropay Asset Investors with a mission to Do Good and Make Money. We had the foresight to see the coming changes and align ourselves with strategic partners that will enable us to completely dominate in the coming, “customer centric” landscape.
Do Good and Make Money!