NYT Attempts to Answer Why People Hate Banks

I’m directing your attention to this op/ed piece in the New York Times titled “Why People Hate Banks” for several reasons:

• It’s a nice counter-part to today’s top story

• It wasn’t written by Arthur S. Brisbane, who tried to get away with the WORST op/ed piece I’ve seen in the Times ever: “Should the Times be a Truth Vigalante?” No, Art. Why start doing your job now?

• It highlights the issues original creditors are causing

• The end paragraph: “When I was at the Consumer Financial Protection Bureau a few weeks ago, I heard a lot of emphasis placed on debt collection practices, which, up until now, have been unregulated. So I called the agency to ask if people there had read The American Banker series. The answer was yes. ‘We take seriously any reports that debt is being bought or sold for collection without adequate documentation that money is owed at all or in what amount,’ the agency said in a short statement. ‘The C.F.P.B. is taking a close look at debt collection practices.’”