Dismantling the CFPB might create jobs, just not the ones we expect
Dec. 1, 2016
Who is Brandon Wilson? Once upon a time, he was a prisoner serving hard time for armed robbery. Now he is a debt broker - a buyer and seller of unpaid debts from things you'd expect like credit cards and auto loans, to gym fees, payday loans and overdue cellphone bills.
Until the passage of the Dodd-Frank act in 2010, there were no resources to regulate the market he operated in. In the past 6 years, the agency has taken roughly 30 public enforcement actions against companies in the debt-collections industry. The result is more than $5 billion in canceled debt and $300 million in awards. Mr. Trump has said that he will repeal Dodd-Frank.
What does Mr Wilson have to say? “There’ll be less intrusion from the government, more lending, and more defaults — which creates more business for collectors,” he said. That means Mr. Wilson’s services will be in high demand once again. He concluded, “We’re back in business.”