We have made a lot of progress on Bill’s plans to turn the collection industry upside down, give it a spanking and make it behave.
Bill attended the most recent meeting of the National Association of Attorneys General. It was a great opportunity to mingle and chat one-on-one with the most important person in each state in the context of bringing the industry in line. One of the speakers at the meeting was Holly Petraeus, wife of the general of Afghanistan fame and the newly appointed head of the Office for Military Affairs at the Consumer Financial Protection Bureau.
In the audience to watch Mrs. Petraeus’ first major speech was Elizabeth Warren, the person who conceived and nurtured the CFPB – and yet maybe to be the Head of the CFPB depending on political winds. In the few hours Warren was at the NAAG conference, she took one private meeting. Out of 50 Attorneys General she met with one person privately and that was not with an AG. It was with Bill.
Bill had ten minutes to establish some rapport (they had both lived in the same small town) and to communicate Bill’s message of reform and that the proposals on the table were not nearly tough enough. To say the least, Warren was somewhat surprised to be hearing from someone who was not telling her to “get off the back of business”. She found his message provocative enough that she invited Bill to Washington to talk to her staff. That meeting has not yet been scheduled.
Bill has also made progress on the legislative front. Bill was able to persuade the author of a bill already moving through the Oklahoma Legislature to attach the two amendments drafted by Bill. These two amendments would prohibit any threats of litigation on debt that is past the statute of limitation and prohibit profanity on a collection call. Earlier this week, both amendments were passed by the State House 97-0 and now are headed to the Senate.
Mr. Bartmann has the ear of the most powerful people in the industry. He will be instrumental in instituting change at the highest levels. As these changes take shape his company will become the poster child for how to do collections properly and as a result, become the low risk, go to option for banks looking for forward flow deals. Since Ropay Asset Investors partners directly with Bill and his consulting group, these deals will flow through to us and our investing partners! We proudly support Bill in all his efforts and look forward to bright and prosperous future.