2023-03-23 12:52:41 PRAA PRA Group
03/23/23 03/2312:52 03/23/2312:52 | Portfolio Recovery Associates announces settlement of CFPB matterPRA Group announced that its subsidiary, Portfolio Recovery Associates, has reached an agreement with the U.S. Consumer Financial Protection Bureau. As part of the settlement, PRA has agreed to pay a penalty of $12M and approximately $15M to impacted consumers, who represent less than one-tenth of 1% of PRA's active accounts. The majority of the financial impact of the settlement was reflected in our December 31, 2022, financial statements. This agreement is not expected to have a material adverse impact on the company's financial condition or results of operations. PRA Group, Inc. President and CEO Kevin Stevenson said, "Our company was founded on the principles of treating customers with fairness and respect, and we have prided ourselves in upholding these values for more than 27 years. Although we have admitted to no wrongdoing as part of the resolution, and we continue to disagree with the CFPB's characterization of our conduct, we are pleased to have this matter resolved and behind us, allowing us to return our full attention to our impactful work with consumers, promoting their journey toward financial recovery." |
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