Come October, Maine’s FDCPA language will be amended/updated via House Bill 753 (LD 1092). Specifically: These changes will be of especial interest to any agency collecting debt from consumers who reside in Maine. Per DBA International, Specifically, the new law: Requires written payment schedules or settlement agreements be provided to the consumer, Reaffirms the six year […]
This morning the New York Department of Financial Services released 12 additional FAQs – bringing the total to 28 – to provide guidance to industry on the November 14, 2014 regulation governing debt collectors and debt buyers. These new FAQs offer some measure of clarity sought by industry representatives.
The following is an excerpt from Kaulkin Ginsberg’s latest bi-annual industry report, The Accounts Receivable Management Review: Opportunities Abound (2015). Kaulkin Ginsberg is the foremost M&A and strategic advisor to the accounts receivable management industry, and this article covers some of the underlying causes for the burst in M&A activity our team observed during 2014. […]
Icon Equities Managing Partners, Rob Knight and George Terzi, are pleased to announce the appointment of Mike Cushing as Icon Equities Chief Operating Officer. Icon Equities is a national debt buyer of consumer debts and a leader in the field of purchasing and servicing debt settlement accounts. With offices in Minnesota and Southern California, Mike […]
Toronto-Dominion Bank (NYSE:TD) on Tuesday announced that it would acquire Nordstrom Inc.’s. (NYSE:JWN), U.S VISA® and private-label consumer credit card portfolio. The transaction is part of a long-term deal to become the retailer’s exclusive U.S. credit card issuer. The retailer’s existing portfolio totaled about $2.2 billion in receivables. Terms of the purchase were not disclosed. […]
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.