The Industry Reacts To President Trump

America has a new president-elect today. Donald Trump has been elected the 45th president of the United States, following one of the most polarizing and divisive campaigns in the country’s history. Many went to bed or woke up early this morning and were stunned or overjoyed at the news that Trump had defeated Hillary Clinton, who had been the odds-on favorite to win the election since the presidential campaign began three months ago.

To get a sense of what the repossession industry thought of the election results, and to gauge the expected impact that President-elect Trump will have on the industry, RepoPulse asked agents, service providers, and lenders two questions:

  1. What is your reaction to Donald Trump being elected the next president of the United States?
  2. Will Donald Trump have a positive or negative impact on this industry as president? Why?

Here is a sampling of answers. Please note that some of the answers have been edited for content, spelling, grammar, and brevity.

 

Donald Trump is the first person elected to the Presidency who has either never served in prior political office or in military service. However, the American people clearly desired to take a new path in the governance of our country. Every person should embrace this choice and help the President-elect succeed. With a Republican Congress, President Trump should be able to profoundly impact the ARM industry. It would not be surprising if the Dodd-Frank were to be repealed or significantly curtailed.

– Richard J. Perr, Esquire, Fineman Krekstein & Harris, P.C.

Thank the Lord! Hopefully Trump will mitigate or reverse the trend of intrusive, over-reaching government regulation and bureaucracy, and the stifling atmosphere of political correctness that drives what the media reports.

– Christopher Rickman, Peak Revenue Group

I believe that the change in direction of regulation and the courts will be beneficial in the longer term to the industry. In the short term, I would not count on there being significant changes to the CFPB  since I believe that the President elect has different immediate priorities than addressing Dodd Frank. The important thing for participants in the industry is to continue to focus on collecting debt in a manner which is compliant with the FDCPA and to continue to oversee operational risk closely.

– Tom Good, Barron & Newburger

 

I think market uncertainty is always a negative. Dodd-Frank, as impactful as it has been on this industry, has moved us in what I believe to be an overall good direction for the times we live in. If Trump is able to unwind the CFPB, what kind of message does that send to companies who would take advantage of lax supervision for all the wrong reasons? Having said that, I don’t believe the CFPB is going to disappear, just evolve.

Mr. Trump was not my choice for a number of reasons, but I am optimistic that he will rise to the occasion and proceed in a thoughtful, deliberate manner to carry out the agenda he was elected to deliver.

– Jack Gordon, WebRecon

This morning the sun still came up , some are happy, some are disappointed, but now is the time to look ahead for America and the World — we should all hope for a future that benefits those who work hard and contribute to a productive society.

A Trump presidency looks to have a positive impact on the ARM industry if it results in less government regulation and a renewed focus on consumer accountability for their debt.

– Dave Yohe, BillingTree

I guess like the rest of America I was shocked by the outcome. The media, the pollsters and the public at large grossly miscalculated Trump’s political acumen. However this is a democracy and that the people have spoken loudly means we need to listen.

So what does the future hold? The CFPB’s cache was wounded over the last several weeks with the PHH case and the SBA’s strong rebuke of the Bureau in their comments to the Payday rule. The election just furthered that negative momentum.

Changes will not happen overnight. Congress will attempt to make cracks around the perimeter of the CFPB by reforming its structure into a commission and mandating more Congressional accountability. Consumer protection, however, will not leave the core of the Bureau. The incoming administration may have differences of opinion on how to facilitate the CFPB’s mission, but it is important to remember that the base of the Trump electorate are the same consumers the CFPB is charged with protecting.

This industry will still be subject to regulation and compliance. It will not be wiped away by a President Trump. Nonetheless, the industry is now in a position to demand workable and reasonable regulations so that bright lines can be drawn to identify the good players from the bad. The industry should want compliance and a clear path to achieving it.

– Joann Needleman, Clark Hill

The election results were extremely surprising. Based on the pollsters and the pundits, the election appeared to have been decided by the American people long before the polls opened. The democratic process of this republic proves once again that projected outcomes are never guaranteed.

It will be interesting to see what happens in the future. There are a number of potential changes to our industry that could occurs a result of the election results. The Republican leadership in Congress has been voicing their concerns over , Dodd-Frank and making potential changes. The National Creditors Bar Association has been working over the past few years, and continues through today, making our issues known on the Hill so that when the opportunity presents itself, we are in a position to see our efforts bear fruit. Mr. Trump’s stated vision includes a thorough review of regulations and a proposal to institute a temporary moratorium on new agency regulations to give American companies the ability to reinvest in their communities and expand businesses.

– Harvey Moore, President of The Moore Law and President, National Creditors Bar Association

Something needed to change within the country, as the majority of the population spoke loudly. The trajectory, values, and love of fellow citizens are on a downward spiral. I hope to see a stronger America with everyone striving towards a common goal together.

I’m hopeful the industry will benefit from a Republican controlled House, Senate and Presidency. The industry has long sought for clarification of rules and pleaded with regulatory agencies for years only to fall on deaf ears. I’d like to think a Donald Trump presidency would eliminate unnecessary regulatory burden and replace with common sense marketplace rules.

– Ed Saleh, Acer Capital Recovery

Obviously the election of Donald Trump begs the question as to the future of the CFPB. Stephanie Eidelman of insideARM just published a nice piece summarizing Trump’s position on buness, regulation, taxes and the CFPB. Clearly it is too soon to predict which issues will find their way onto Trump’s first 100 days’ agenda. However, should a weakening of the CFPB or its elimination occur; I do believe it will amount to the full employment act for consumer attorneys. Remember, most of the 19 consumer financial laws subject to CFPB enforcement include a private right of action. During the past several years the CFPB has initiated hundreds of enforcement actions against members of the credit and collection industry that would have otherwise been brought first by consumers. If the CFPB is neutered, consumer plaintiffs who were previously usurped by the enforcemnent arm of the CFPB will once again flood the courts with law suits.My advice to members of the  industry is to remain ever vigilant about their  committement to compliance and to not let their guard down  I also believe it is possible that changes to the CFPB or its elimination may also fuel a resurgence if not breathe new life into the smaller ma and pa collection agencies that have been pushed out of the market place by the CFPB.

– Rozanne Andersen, Ontario Systems

I am elated on a multitude of levels that Trump is the President Elect. First and foremost, I think that the American people sent a strong message with this, and Congressional elections, that we are tired of the establishment and that change is a comin’! Secondly, I am excited because at no time in recent history has there been a better opportunity to facilitate change. The Republicans have the White House, The Senate, the HOR, and during his tenure, President Trump will need to appoint at least one and possibly three Supreme Court Justices. My hope and belief is that he will appoint and listen to some strong advisers and we will be able to reform America at a tidal rate.

I see no way that Trump can have anything but positive effects on our industry. If you read his web site, he seems to be all about reduction of government and intrusive over site. I believe the CFPB is here to stay, but more so believe that it will also be brought under reigns and will have some fair operational parameters… and some governmental over site. I also think we might be in line for a lot of other positive reforms. All of that said, now is when we move into hyper-drive and certainly not blindly believe that change will happen without every person in the industry championing the changes, and doing so in a single loud unified voice.

Also, GO CUBS!! I now that wasn’t a question, but certainly worth mention.

– Roger Weiss, CACi

I don’t believe Donald Trump being elected president will have a significant impact on M&A activity in the ARM market. Despite all of the rhetoric surrounding the presidential election, M&A activity remained fairly robust, suggesting the activity will continue into 2017. With Donald Trump as president we are likely to see an attempt to reduce regulatory requirements, lowering taxes and investing into infrastructure. Trump, despite having control of the two houses, will be challenged to implement initiatives that require congressional approval. We expect the consolidation trend to continue.

– Michael Lamm, Corporate Advisory Solutions

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