March 28, 2013 11:23 ET

The Center for Consumer Recovery Endorses Nomination of Richard Cordray to Lead the Consumer Financial Protection Bureau

TULSA, OK--(Marketwire - Mar 28, 2013) -  Today, The Center for Consumer Recovery has announced its endorsement of the nomination of Obama-appointed Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB). The CFPB is mandated under the law to regulate and examine debt collection and consumer reporting agencies, mortgage servicing companies, payday lenders, money transfer firms, and oversee certain activities of banks and credit card companies.

Last week the Senate Banking Committee voted 12-10, along party lines, to confirm Cordray as director of the CFPB. "As a Republican I can understand the politics involved, but I'm hoping these 10 Senators will vote their conscience and confirm Cordray, because he is doing a great job for American consumers," said Bill Bartmann, founder of The Center for Consumer Recovery.

The Center for Consumer Recovery offers consumer debt buyers a way to differentiate themselves from the corrupt debt collection industry and provides resources for members to assist millions of American consumers in a positive manner. "Members of the debt buying industry and regulators have plenty of common ground on which they can agree to deliver financial products in the marketplace and ensure the consumers get a fair bargain and shake," said Bartmann.

The center represents more than 208 debt buyers who purchase debts on a national scale. Each has been certified for compliance with the highest standards of compliance with federal and state laws. Additionally, each has completed a rigorous course of professional study and has agreed to a Code of Conduct that protects consumers.

The key elements of Code of Conduct are:

1. To never attempt any collection effort on any credit card debt that is beyond the statute of limitation.
2. To never file a lawsuit for collection of credit card debt.
3. To never charge interest on a credit card debt that was charged-off by the original issuer.
4. To never attempt to contact the consumer regarding credit card debt by telephone more than two times in any one 24-hour period.
5. To never resell credit card accounts to anyone who has not signed the Code of Conduct Pledge.

Jessica Allsop, Chief Credit Officer and Co-Founder of CFS2, a consumer recovery company, said, "The world of debt collection will never be the same." CFS2 uses a patented process to assist consumers in highly unconventional ways. CFS2 can directly communicate with its consumers' other creditors, assist the consumer in job search activities, assist and enroll the consumer in government benefit and ensure the consumer is registered to vote.

About Bill Bartmann:

In the 1990s, Bartmann built CFS, the world's largest debt collection agency, and became recognized as a national authority on fair debt collections practices. Inc. magazine credited CFS with "remaking one of the ugliest industries" due to the zero-abuse policy Bartmann demanded of his staff. His firm helped 4.5 million consumers resolve over $15 billion in credit card debt, without initiating a single lawsuit. The Harvard Business School published a case study on CFS.

Bartmann is a best-selling author and was named national "Entrepreneur of the Year" by NASDAQ and the Kauffman Foundation. He has been called the 'No. 1 Collection Industry Consumer Advocate' in the world and was referred to by USA Today as the 'Patron Saint of the Second Chance.'

Visit Bartmann's Facebook page or at for more information.

Bill Bartmann is available for interview.

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