Encore Capital Group yesterday announced that it has hired Steve Carmichael to be its Chief Risk and Compliance Officer. Carmichael, who will report directly to Encore Chief Executive Ashish Masih, most recently was the head of enterprise and financial risk management at Discover Financial Services.
“Bringing on a person of Steve’s caliber is a continuation of our significant investment in the development of our risk management programs,” said Masih in a statement. “He’ll add immediate value to our organization’s already strong focus on compliance across all our businesses.”
Carmichael spent nearly eight years working at Discover, according to his LinkedIn profile. Before working at Discover, he held roles at Capital One, HSBC, and Wells Fargo.
“I’m excited to join Encore because of the company’s focus on integrity, compassion and respect, and because of the great leadership team and strategy in place,” Carmichael said. “The risk and compliance team has an important role to play in helping Encore’s values come alive, and I’m looking forward to building on the strong foundation that’s already in place.”
Encore collected more than $2 billion last year, resulting in profits of more than $212 million.
The company has been the focus of a pair of enforcement actions from the Consumer Financial Protection Bureau. It paid $15 million last year to settle a lawsuit filed against it by the CFPB, which alleged the company failed to follow the provisions of an earlier enforcement action. That enforcement action required the company to not file lawsuits against consumers without possessing required documentation, to make sure it provided required disclosures, and to provide consumers with required loan documentation after consumers requested it.
“Steve is a great addition to our leadership team not only because of his impressive expertise managing risk and compliance for large, diverse financial institutions, but also because he shares Encore’s highest values,” Masih said. “We put people first, deliver our best in everything we do, and embrace our differences and work together, which are all qualities embodied by Steve.”
