Scott Weltman, the managing partner of Weltman Weinberg & Reis, recently testified before the House Financial Services Committee about his firm’s experience being sued by the Consumer Financial Protection Bureau. Weltman won its case when a jury ruled the agency did not prove its case. Sharing his thoughts about his experience on Capitol Hill, Scott Weltman participated in the following Q&A with AccountsRecovery.net
How were you invited to participate in the hearing?
I received a call on Wednesday February 27th (just 8 days before the hearing) from a staff member for Ranking Member Patrick McHenry of North Carolina. He had received my name from Michele Lieber, who is the president of BluePoint DC. I had met Michele recently while preparing a panel presentation together for the American Financial Services Association (AFSA). The very next day, on February 28th, I was confirmed to testify, and my formal invitation letter arrived via email on Monday March 4th.
Was this your first time participating in a Congressional hearing?
Yes.
How did you prepare for the hearing?
I spent considerable time working on my five minutes of prepared testimony, as well as our supporting documentation. At the advice of others, I also spent time watching recordings of previous hearings, so that I was even more prepared as to what to expect regarding the kind of questioning I might receive from the Committee members.
What message did you want to share with the Committee?
I was invited to the hearing to tell the story of our experience with the CFPB, including the CID process, being sued, and ultimately winning that lawsuit; and that was my sole focus in terms of messaging for the day.
How would you assess the response of the Committee members to your prepared statement and your answers to their questions?
Each committee member had different goals for what they wished to accomplish at the hearing. Because they each only had a strict five minutes, each person’s approach varied greatly from that of their peers.
ACA International posted a picture of you with Kathy Kraninger. Did the two of you get a chance to talk? What did you talk about?
I briefly spoke to Director Kraninger just before the hearing began. We talked about the fact that we were both from the east side of Cleveland. She was very kind to pose for a picture with me.
Do you think your participation will sway the Committee or the CFPB with respect to regulating the credit and collecting industry?
As I testified to a few times on March 7th, those issues are truly up to the members of Congress.
What was the most exciting or memorable part of the experience?
I really found the entire day to be exciting and memorable. Having the chance to interact one-on-one with both Chairwoman Maxine Waters [D-Calif.] and with Ranking Member Patrick McHenry [R-N.C.] is what truly stands out in my memory.
Looking back on it, is there anything you wish you had done differently?
