CFPB Reform Bill Introduced in House Designed to Pass Congress
Like similar efforts over the past several years, a Republican lawmaker has introduced legislation that would change the structure of the CFPB, and even its name. But unlike previous attempts, this particular bill is narrow enough in focus that it has a good chance of passing Congress, especially given the recent change in power in the Senate.
Publicly traded debt buyers Encore Capital Group (NASDAQ: ECPG) and PRA Group (NASDAQ: PRAA) recently announced financial results for the full year 2014 marked by record cash collections and revenues driven by acquisitions and global growth. But both also made special note of specific, ongoing CFPB investigations and the potential financial impact of resolving the actions.
San Diego-based Encore late last week reported that it had crossed the $1 billion line in 2014, bringing in $1.07 billion in revenue last year. It marked a 39 percent increase over 2013 revenues. Gross collections from the portfolio purchasing and recovery business grew 26 percent to $1.61 billion, compared to $1.28 billion in 2013.
Net income was $105 million or $3.83 per share, compared to $77 million or $2.94 per share in 2013.
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