I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology decisions. Learn more at ww.tecsg.com.
Michael McCormick has mellowed from his younger days as a consumer bankruptcy attorney and confident basketball player. Now the Compliance Manager at State Collection Service, he spends his days worried about fouls of another kind. Read on to learn more about Michael, his kind words for his former boss, and the change he would make to the FDCPA if he were in charge of the CFPB or Congress.
Name: Michael McCormick
Job Title: Compliance Manager
Company: State Collection Service, Inc.
Length of time at current company: Seven years
Length of time in industry: Approximately 25 years
How did you get your start in the industry?
I graduated from college in 1992 with a double major in Political Science and International Studies. Nothing like graduating unskilled. Realizing that this was only good for having interesting conversation in coffee shops – I started looking for any job I could find. Through a temp employment company I was sent to a company in Brookfield, Wisc. called Payco – General American Credits to be a bill collector for defaulted phone bills. (Anyone remember Payco?)
What is your career highlight so far?
I would have to say it is transforming old collection letters to a new format that meets regulatory requirements. That was a heavy lift and something I really didn’t have much experience with in my past lives.
When or how are you most productive?
I am most productive in the morning because my mind is fresh ready to take on the day. However, by mid-afternoon that freshness wears off and I am ready to call it a day.
Which industry professional do you admire most?
Tom Haag – sadly he is no longer with us – but he took a chance on me and gave me an opportunity to be a Compliance Manger at State, a company he grew from a handful of collectors to a company that now employs over six hundred people. He was highly active in our industry through the ACA with a passion for making State and the industry better through advocacy and education. He is truly missed.
What is one thing you do better than everyone else?
Heck – I don’t know. When I was younger I was a rather good basketball player and thought I was better than everyone else. As I grew older that cockiness wore off – thankfully.
What do you like most about this industry?
I like how fast-paced it is. Being in compliance you got to be quick on your toes to adapt to new laws and regulations some of which are effective immediately. To combat the ever-changing legal landscape I like how our industry comes together to help one another out. You just do not see that in other industries.
What is one thing you wish you could change about this industry?
Make the CFPB’s rulemaking authority more industry friendly. As we all know the CFPB’s rulemaking seeks to remove medical bills from credit reports. Even though I believe this is something only Congress is able to do, it appears this will happen. Perhaps if the CFPB is ever under conservative leadership again, it should use its rulemaking powers to do away with the FDCPA attorney fee-shifting issue. Again, I believe that is something only Congress is able to carry out, however, it would level the legal playing field between agencies and consumer attorneys.
If you weren’t in this industry, what would you be doing?
Coaching basketball – any level – I think that would be an enjoyable job for me outside this industry.
Describe a typical work day.
I wouldn’t classify any day as typical, which is what I like about working in compliance. Most days I am in the office by 7:30 and start by addressing emails, then it is on to check the CFPB complaint portal, then hit the to do list and see how much I can get done in a day.
What is your guilty pleasure?
Beer. To quote Supreme Court Justice Brett Kavanaugh during his Senate confirmation hearing, “I like beer!”
What is the best advice you have ever received?
When I was playing basketball in the eighth grade, I was struggling with my jump shot and my coach stated he has one word that will help me get back on track. That one word was – confidence. Just have confidence and believe in yourself that you can do it. Seems simplistic, but it applies to a lot things you do in life.
What are you currently reading?
The current events of the day, I love reading up on the important events that are happening in the world.
What is one fact you’d like everyone in the industry to know about you?
When I was in private practice I was a consumer bankruptcy attorney. My apologies for raiding your coffers for so many years.
Who else would you like to see answer these questions?
My pal – Rohit Chopra.
I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology decisions. Learn more at ww.tecsg.com.
Michael McCormick has mellowed from his younger days as a consumer bankruptcy attorney and confident basketball player. Now the Compliance Manager at State Collection Service, he spends his days worried about fouls of another kind. Read on to learn more about Michael, his kind words for his former boss, and the change he would make to the FDCPA if he were in charge of the CFPB or Congress.
Name: Michael McCormick
Job Title: Compliance Manager
Company: State Collection Service, Inc.
Length of time at current company: Seven years
Length of time in industry: Approximately 25 years
How did you get your start in the industry?
I graduated from college in 1992 with a double major in Political Science and International Studies. Nothing like graduating unskilled. Realizing that this was only good for having interesting conversation in coffee shops – I started looking for any job I could find. Through a temp employment company I was sent to a company in Brookfield, Wisc. called Payco – General American Credits to be a bill collector for defaulted phone bills. (Anyone remember Payco?)
What is your career highlight so far?
I would have to say it is transforming old collection letters to a new format that meets regulatory requirements. That was a heavy lift and something I really didn’t have much experience with in my past lives.
When or how are you most productive?
I am most productive in the morning because my mind is fresh ready to take on the day. However, by mid-afternoon that freshness wears off and I am ready to call it a day.
Which industry professional do you admire most?
Tom Haag – sadly he is no longer with us – but he took a chance on me and gave me an opportunity to be a Compliance Manger at State, a company he grew from a handful of collectors to a company that now employs over six hundred people. He was highly active in our industry through the ACA with a passion for making State and the industry better through advocacy and education. He is truly missed.
What is one thing you do better than everyone else?
Heck – I don’t know. When I was younger I was a rather good basketball player and thought I was better than everyone else. As I grew older that cockiness wore off – thankfully.
What do you like most about this industry?
I like how fast-paced it is. Being in compliance you got to be quick on your toes to adapt to new laws and regulations some of which are effective immediately. To combat the ever-changing legal landscape I like how our industry comes together to help one another out. You just do not see that in other industries.
What is one thing you wish you could change about this industry?
Make the CFPB’s rulemaking authority more industry friendly. As we all know the CFPB’s rulemaking seeks to remove medical bills from credit reports. Even though I believe this is something only Congress is able to do, it appears this will happen. Perhaps if the CFPB is ever under conservative leadership again, it should use its rulemaking powers to do away with the FDCPA attorney fee-shifting issue. Again, I believe that is something only Congress is able to carry out, however, it would level the legal playing field between agencies and consumer attorneys.
If you weren’t in this industry, what would you be doing?
Coaching basketball – any level – I think that would be an enjoyable job for me outside this industry.
Describe a typical work day.
I wouldn’t classify any day as typical, which is what I like about working in compliance. Most days I am in the office by 7:30 and start by addressing emails, then it is on to check the CFPB complaint portal, then hit the to do list and see how much I can get done in a day.
What is your guilty pleasure?
Beer. To quote Supreme Court Justice Brett Kavanaugh during his Senate confirmation hearing, “I like beer!”
What is the best advice you have ever received?
When I was playing basketball in the eighth grade, I was struggling with my jump shot and my coach stated he has one word that will help me get back on track. That one word was – confidence. Just have confidence and believe in yourself that you can do it. Seems simplistic, but it applies to a lot things you do in life.
What are you currently reading?
The current events of the day, I love reading up on the important events that are happening in the world.
What is one fact you’d like everyone in the industry to know about you?
When I was in private practice I was a consumer bankruptcy attorney. My apologies for raiding your coffers for so many years.
Who else would you like to see answer these questions?
My pal – Rohit Chopra.
