The CFPB Could be Replaced by Debt Collecting Thugs?


The CFPB Could be Replaced by Debt Collecting Thugs?

Dec, 8th 2016

Brandon Wilson is a former armed robber who, after serving roughly a decade in prison, reinvented himself as a successful debt broker. Basically, he makes a living buying and selling old, unpaid debts.

If you want to buy $100,000 worth of old credit card debts for $1,000, or even $500, he’s your man. But he offered another service to his clients as well. For years, before the Dodd-Frank act created the Consumer Financial Protection Bureau — when the industry was still largely unregulated — he was a fixer, a gun for hire. Here is how he 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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