PRA, ENCORE EARNINGS OFFER LITMUS TEST FOR STATE OF DEBT-BUYING INDUSTRY
- PRA Group released its fourth quarter earnings from 2015 and without dwelling too much on the numbers, the company did reveal that it is revising its expectations for 2016 downward because of continued depressed supply in the availability of portfolios for sale. PRA is one of two publicly traded companies that specialize in debt buying, along with Encore Capital Group, which released its earnings a day earlier. The two companies’ financial statements and conference calls offer the only real insight into the state of the debt-buying industry, from the corporate level.
FCC MOVING FORWARD WITH AUTODIALER RULE
- More about the proposed rule that will come from the Federal Communications Commission allowing automated dialer calls by third-party collectors to consumers with debts guaranteed by the federal government, like student loans. The chairman of the FCC is said to have circulated a proposed rule within the agency but must move fast. The deadline to implement the changes is Aug. 2. The FCC is still fighting a lawsuit against a number of plaintiffs, including ACA International, over changes it made to the TCPA last July.
ENCORE SELLS UNIT
- Encore Capital Group has sold its Propel Financial Services unit to Prophet Capital Asset Management. Propel is a company that helps consumers finance the payments of their property taxes. Encore had owned the company for about four years. Terms of the deal were not announced.
IDAHO LEGAL AID RECEIVES GRANT TO FIGHT ID THEFT
- Idaho Legal Aid has received a $25,000 grant to help the victims of identity theft. That help includes resolving debt collection issues that arise when an individual’s identity is stolen.
WORTH NOTING: More concerns over the state of the economy … Pay with a selfie … Best Buy likely to close more stores in 2016 … How Walmart explains the difference between Hilary Clinton and Bernie Sanders … 10 things you can learn in 10 minutes that will change your life … Why financial institutions need to worry about the Apple-FBI case … Three dead in a shooting “rampage” in Kansas … “Far too many” teens are having a hard time finding summer jobs … Halliburton 5,000 employees … Being messy can help foster creativity … Republic Airways files for bankruptcy protection … A man is training and eating like Dwayne “The Rock” Johnson for a month … Pfizer is saving $35 billion in taxes by moving its headquarters to Ireland … 8 great employee benefits that won’t break the bank … SeaWorld employees posed as animal rights activists.
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