The following are statements included in a press release published by Encore Capital Group yesterday, after it was announced that the company and its subsidiaries had settled a lawsuit filed against them by the Consumer Financial Protection Bureau. The settlement will see the companies refund about $80,000 to consumers, pay a fine of $15 million, and follow a number of requirements when collecting on unpaid debts.
“While we’re disappointed the CFPB chose to file suit on these outdated issues, we decided to accelerate our conversations with the bureau so we could reach an agreement and move forward constructively. We wanted to resolve this suit quickly because we believe it didn’t accurately reflect our strong commitment to helping our consumers on their paths to economic recovery and our desire to maintain a cooperative relationship with the CFPB.”
“We’ve long believed that the rule-making process is the most appropriate method for establishing industry standards. We also believe the forthcoming rules, expected to be issued this month, will be largely consistent with practices we’ve had in place for years, which should strengthen our competitive position in the marketplace by ensuring that all companies, large and small, are held to the same high standards we abide by every day”, added Call.Greg Call, Executive Vice President, General Counsel, and Chief Administrative Officer, Encore Capital Group
“We fully corrected the issues underlying the allegations in this suit years ago, and we have total confidence in our systems, practices and approaches to working with consumers. We are very much aligned with the CFPB’s goal of making consumer financial markets work for consumers, responsible providers, and the economy as a whole. We are also well-positioned to continue our industry leadership because of our dedication to serving consumers and our unwavering focus on compliance.”Ashish Masih, President and Chief Executive Officer, Encore Capital Group