John Oliver Bought $15 Million in Debt and Beat Oprah's TV Record
What have you done lately?
John Oliver has made a habit of taking on some of America's shadier industries in his weekly long segment. He's especially concerned with the rotting underbelly of the financial services business: payday loans and predatory lending, state-run lotteries, and now, debt collection.
In a nutshell, delinquent American debt has spawned an entire industry of what's called "debt buying," where a collection agency (or many) buys a consumer's debt from a bank or credit card company for a cut price, then sets about the honorable work of harassing and intimidating them until they pay up—even if that debt was previously settled.
Throughout the segment, Oliver continually calls for "more oversight" of the industry and "more protection for consumers." Clearly, the FTC and other longstanding government regulatory tools have proved insufficient in dealing with collection industry tactics, both legal and illegal, which is why, in 2011, the Consumer Financial Protection Bureau was established.
Unfortunately, the Bureau (which oversees banks and credit unions, securities firms, mortgages and foreclosures, payday lenders, and debt collectors) has faced almost constant opposition from Republicans in Congress. They blocked President Obama from appointing a director to run the CFPB for two years, and Democrats have accused (opens in new tab) them of trying to gut the agency through the budget process. Republicans, for their part, say the agency has become "unaccountable."
Isn't this segment an indication that the CFPB needs more regulatory clout, not less?
Follow Marie Claire on Facebook (opens in new tab) for the latest celeb news, beauty tips, fascinating reads, livestream video, and more.
-
This Epic Prank Princess Diana Played on a Teenage Prince William is Hilarious
It involved Cindy Crawford, Naomi Campbell, and Christy Turlington!
By Rachel Burchfield
-
Kate Middleton Makes Two Signature Moves Whenever She Steps Out with Prince William, Body Language Expert Claims
Once you see them, you can’t unsee them.
By Rachel Burchfield
-
Princess Diana Would Be "Mortified" by Prince William and Prince Harry’s Ongoing Feud
Her biographer Andrew Morton weighs in on what the late Princess of Wales would think of it all.
By Rachel Burchfield
-
Roe Is Gone. We Have to Keep Fighting.
Democracy always offers a path forward even when we feel thrust into the past.
By Beth Silvers and Sarah Stewart Holland, hosts of Pantsuit Politics Podcast
-
The Supreme Court's Mississippi Abortion Rights Case: What to Know
The case could threaten Roe v. Wade.
By Megan DiTrolio
-
Sex Trafficking Victims Are Being Punished. A New Law Could Change That.
Victims of sexual abuse are quietly criminalized. Sara's Law protects kids that fight back.
By Dr. Devin J. Buckley and Erin Regan
-
My Family and I Live in Navajo Nation. We Don't Have Access to Clean Running Water
"They say that the United States is one of the wealthiest countries in the world. Why are citizens still living with no access to clean water?"
By Amanda L. As Told To Rachel Epstein
-
30 Ways Women Still Aren't Equal to Men
If anyone tries to tell you otherwise, show them these statistics.
By Megan Friedman
-
Cory Booker and Rosario Dawson's Relationship Is No More
After three years of dating, the power couple have decided they're better off as friends.
By Marie Claire Editors
-
Education for Women and Girls Is Crucial for Climate Justice
In an excerpt from her new book, 'A Bigger Picture,' Ugandan climate activist Vanessa Nakate discusses the impact educated African women and girls can have on solving the climate crisis.
By Vanessa Nakate
-
It’s Time to End Equal Pay Days and Pass the Equal Rights Amendment
The passage of the ERA is a chance for our country to prove it truly values women.
By Hala Ayala