General News

More than 3,000 comments opposing the proposed debt collection rule were published yesterday, filed by consumers who voiced their concerns and dislike for the Consumer Financial Protection Bureau’s proposal, while not necessarily getting into specifics and containing some rhetoric that even the director of the CFPB has sought to quash. …

Full credit goes to the folks at Encore Capital, which continues to flood the Consumer Financial Protection Bureau with comments supporting the agency’s proposed debt collection rule. Hundreds of more comments were submitted last week by employees at the company, many of which all took the same form and used …

Net income at PRA Group dropped slightly to $18.6 million during the second quarter of 2019, down from $19.6 million during the same quarter of last year, the company announced yesterday. The company announced a record amount of collections — $470.3 million, or 16% higher than the second quarter of …

Encore Capital Group reported net income of $36.8 million for the second quarter of 2019, up from $26.9 million in the same period a year ago, with the release of the company’s quarterly financials. During the second quarter, the company purchased $243 million in portfolios, $180 million of which was …

Security National Auto Acceptance Corp. (SNAAC), an auto lender that specialized in lending to individuals who are in the military and armed services, announced it will exit the auto finance business. The company plans to stop originating loans next week and will plan to liquidate its portfolio as it completely …

Debts where the statute of limitations have expired are a tricky business. Companies are reluctant to just write off the debt as uncollectible, but the labyrinth of state laws make the collection of such unpaid debts a potential minefield of legal problems. The Washington Post tries to shed some light …

After a fairly slow start to 2019, merger & acquisition activity in the accounts receivable management space picked up in the second quarter, according to data released by Corporate Advisory Solutions. There were 14 deals in the second quarter, with a total enterprise value of $957 million. That compares with …

A new series of comments have been filed about the Consumer Financial Protection Bureau’s proposed debt collection rule from individuals in the credit and collection industry, this time focusing on the proposed model validation notice. The comments all appear to be originating from the same source, possibly the same company …

Congratulations to a very good friend of AccountsRecovery.net, Mike Hiller from American Profit Recovery, for being named to the Michigan Collection Practices Board by Gov. Gretchen Whitmer. Hiller, who is a frequent speaker on webinars produced by AccountsRecovery.net, had previously served as a Subject Matter Expert (SME) for the state’s …

So it turns out that Mick Mulvaney may have had an ulterior motive when he sought to move employees of the Consumer Financial Protection Bureau to offices outside of Washington, D.C. Speaking at an event in his home state of South Carolina on Friday night, Mulvaney said that moving employees …