Last week, Consumer Financial Protection Bureau Director Richard Cordray asked individual states to collaborate with the CFPB on a “national strategic plan” to regulate the debt collection industry.
Speaking at the Spring Meeting of the National Association of Attorneys General Cordray laid out his intentions stating:
“We want to expand on what you already do so well, and we want you to take advantage of new resources we bring to the arena, including new analytical tools and insight into market trends. Our goal is to help the honest debt collectors do their jobs responsibly and see that the rest are either rehabilitated or run out of business once and for all.”
This is music to our ears because at Ropay Asset Investors we only deal with honest and ethical debt collectors. We’re on a mission to clean up an industry wrought with thieves and liars. As federal agencies and local state officials come together, they will begin to tighten the noose around necks of those who feel ethics simply don’t apply to them.
Debt collection is big business and based on what the CFPB is proposing above, it is my opinion that the playing field is about to shrink dramatically. Done responsibly, we have the opportunity to make a lot money and help out thousands of people in process.
Do Good and Make Money!