Debt collection company Encore Capital Group Inc.
appointed Steve Carmichael as director of risk and compliance.
Mr. Carmichael, who until recently was Head of Corporate and Financial Risk Management at Discover Financial Services,
will report to Encore’s president and chief executive officer Ashish Masih and be part of the company’s management team, the company said on Monday.
In October, Encore agreed to pay $ 15 million as part of a settlement with the Consumer Financial Protection Bureau to resolve allegations it failed to comply with certain operational provisions of a 2015 consent order with the agency, resulting in alleged violations of federal consumer finance law, according to Encore’s annual report filed with the U.S. Securities and Exchange Commission in February. As part of the settlement, the company agreed to continue to follow a set of operational requirements of the consent order. Encore has neither admitted nor denied the allegations, according to the filing.
Encore, based in San Diego, buys or deals with debt from major banks, credit unions, and utility providers. The company had more than $ 1.5 billion in revenue in 2020, according to its annual report.
âSteve is a great addition to our leadership team not only because of his impressive risk management and compliance expertise for various large financial institutions, but also because he shares Encore’s highest values. “Mr. Masih said in a statement.
Mr. Carmichael previously oversaw the corporate risk, credit, liquidity, market and counterparty functions of Discover. He also worked at financial institutions such as Capital One Financial Corp., HSBC Holdings PLC and Wells Fargo & Co., the statement said.
A spokesperson for Encore did not immediately provide further comment.
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