Last week insideARM reported on a sharp rise in first quarter earnings for PRA Group (PRAA). On Tuesday of this week (May 12th) in a Form 8-K (Other Events) filing with the Securities and Exchange Commission PRAA reported the following: On May 11, 2015, an unfavorable jury verdict was delivered against Portfolio Recovery Associates, LLC […]
Continuing a state regulatory trend, a bill has popped up in the Council for the District of Columbia that would tighten rules related to debt buyers. The complete bill is in the following link: http://lims.dccouncil.us/Download/33762/B21-0190-Introduction.pdf While this bill has quite a way to go before becoming law, we noticed the following elements that are concerning […]
On May 7th Encore Capital Group (ECPG), an international specialty finance company with operations in eight countries, reported its financial results for the first quarter of 2015. First Quarter Highlights Top of Form Gross collections from the portfolio purchasing and recovery business grew 7% to a record $425 million, compared to $397 million in the same […]
NORFOLK, Va., — PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, today reported its financial results for the first quarter of 2015. First Quarter Highlights Cash collections of $399.7 million, up 28% from the first quarter of 2014. Revenues of $245.2 million, up 26%. Income from operations of $96.2 million, up 34%. Net […]
The basic facts were similar in both cases; the decisions, however, are sort of surprising. What many have assumed to be a legal environment ambivalent at best to time-barred debt might be showing signs of a sea-change.
A Senate Committee in the North Carolina legislature this week approved a bill that would soften that state’s requirements for debt collection lawsuits, especially for debt buyers. The prospect of a change to the rules has led to protests from some lawmakers and consumer advocates.
A federal judge in Illinois two weeks ago dismissed an FDCPA class action filed against a debt buyer and its contracted collection agency over the use of the word “transferred” in a collection letter explaining why a new company was attempting to recover the debt. The case had been granted class action status and will be appealed to the Seventh Circuit.
The Federal Trade Commission announced Thursday that it is launching a series of “Debt Collection Dialogues” around the country. The meetings will feature representatives from the FTC and other regulators and will specifically focus on questions and comments from members of the debt collection industry.
Just in case there was a doubt about what the consumer bar is really after, a prolific attorney that targets the ARM industry argues that the CFPB is “ineffective” in its regulatory efforts because it doesn’t get enough money from collection agencies and debt buyers to settle consumer complaints.
RDS (Revenue Discovery Systems), a provider of local government revenue administration services, today announced that Ashley Hancock has joined the RDS team as regional account manager.