Debt Collection Journalist Jake Halpern Asks in the Times: Will Guys With Guns Replace the Agency Elizabeth Warren Created?

Here (behind paywall).  Excerpt:

Brandon Wilson is a former armed robber who, after serving roughly a decade in prison, reinvented himself as a successful debt broker. * * *

* * * [Wilson]  explained it: “Part of the package you get of being my business associate or my friend is that I’m gonna protect you from the sharks.”

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* * * On one occasion, Mr. Wilson rounded up a posse of armed men, drove to Buffalo, tracked down a stolen file of debts, and retrieved it — at gunpoint.  * * *

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If the [Dodd-Frank] law is repealed, it could mean the end of the consumer [Financial] protection bureau. Even if Mr. Trump doesn’t disband the agency, he could simply hobble it by replacing its director, Richard Cordray, with someone who is content to let the market regulate itself. If that happens, one of the few recourses that honest debt buyers will have, to protect themselves and their businesses, will be to hire a savvy fixer like Brandon Wilson.

A few days ago, I called Mr. Wilson to see how he was doing. “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.”

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