Unifund Group (Unifund) announced today it has furthered its long term growth plan with the acquisition of First Resolution Investment Corporation (FRIC). The purchase includes all assets of FRIC, including approximately 72,000 accounts and a face value of $1B.
The CFPB announced Tuesday it is seeking public comment on how the credit card market is functioning and the impact of the Bureau’s credit card protections on consumers and issuers. This inquiry will focus on issues including credit card terms, the use of consumer disclosures, credit card debt collection practices, and rewards programs.
DBA International is pleased to announce the launch of its new website, www.dbainternational.org.
The Consumer Financial Protection Bureau (CFPB) Wednesday released its Supervisory Highlights Report for Winter 2015. The report details findings from supervisory examinations conducted by the Bureau. Along with usual findings of FDCPA and UDAAP violations, the report reveals some other issues in debt collection examinations that have not been highlighted previously.
PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, has expanded its Norfolk headquarters for the second time in just over a year.
Going further than any previous public recommendation, a consumer attorney in a recent blog post urged the CFPB to ban creditors from selling debts that are not accompanied by “affirmative representations and warranties of completeness, accuracy, reliability and enforceability.”
A recent trend has evolved in FDCPA litigation where courts have allowed bankrupt debtors to file FDCPA claims based on the alleged invalidity of a proof of claim filed by a third party collector and/or debt buyer. But a precedential Circuit Court ruling Tuesday appears to limit the timing of some of those suits.
Publicly traded debt buyers Encore Capital Group (NASDAQ: ECPG) and PRA Group (NASDAQ: PRAA) recently announced financial results for the full year 2014 marked by record cash collections and revenues driven by acquisitions and global growth. But both also made special note of specific, ongoing CFPB investigations and the potential financial impact of resolving the actions.
At a symposium in midtown Manhattan Thursday, three representatives from New York City and state financial regulators provided some clarity to recently-enacted rules impacting collection agencies, debt buyers, and collection law firms operating in the state.
PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, will announce its fourth quarter and full year 2014 results after market close on Monday, March 2, 2015, followed by a webcast and conference call at 4:30 p.m. ET.