8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): September 9, 2015

PRA Group, Inc.

__________________________________________

(Exact name of registrant as specified in its charter)

Delaware	000-50058	75-3078675
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
120 Corporate Boulevard, Norfolk, Virginia		23502
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 888-772-7326

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01      Other Events.

On September 9, 2015, PRA Group, Inc. (the “Company”) announced that Portfolio Recovery Associates, LLC ("PRA"), its wholly owned subsidiary, has entered into a Consent Order with the Consumer Financial Protection Bureau (the “CFPB”), settling a previously disclosed investigation of certain debt collection practices of PRA.   PRA entered into the Consent Order for settlement purposes, without admitting the truth of the allegations, other than the jurisdictional facts.

Amongst other things, the Consent Order requires PRA to: (i) vacate 837 judgments obtained after the applicable statute of limitations, refund $860,607 in payments received on account of such judgments and waive the remaining $3,411,094 in judgment balances; (ii) refund $18,184,836 in Litigation Department Calls Restitution, as defined in the Consent Order, and (iii) pay an $8,000,000 civil money penalty to the CFPB.    

The Consent Order can be accessed at the CFPB’s website at www.cfpb.gov.

Attached as Exhibit 99.1 is the Company’s press release titled, “PRA Settles CFPB Matter,” dated September 9, 2015.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1 Press release issued by the Company on September 9, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PRA Group, Inc.
September 9, 2015	By:	/s/ Kevin P. Stevenson
		Name: Kevin P. Stevenson
		Title: President/CFO

EX-99.1

PRA Settles CFPB Matter

NORFOLK, Va., September 9, 2015 - PRA Group (Nasdaq: PRAA), a global leader in acquiring non-performing loans, today announced that its subsidiary, Portfolio Recovery Associates, LLC (“PRA”), has reached a settlement with the Consumer Financial Protection Bureau (“CFPB”), successfully negotiating an agreement that will not materially impact operations and will allow the company to focus on future opportunities without distraction and avoid costly and time-consuming litigation.

Steve Fredrickson, chairman and chief executive officer of PRA Group, Inc., said, “It was time to end this drawn out process and eliminate the threat of litigation, so we can focus with renewed vigor on serving our customers and growing our business. Given the circumstances, we went the extra mile to achieve closure, despite our objection to the CFPB’s characterization of PRA’s business practices.

“We remain confident that our business practices serve as a model for the industry, frequently going above and beyond applicable legal requirements,” Fredrickson said. “Moreover, we are proud of our practices and leadership in the industry, and we are glad to have reached an agreement with the CFPB.”

PRA has been a leader in the debt collection industry since its inception in 1996. PRA does not re-sell accounts and has established numerous consumer-friendly standards regarding interest, fees, and customer engagement.

During the course of its negotiations with the CFPB’s enforcement unit, PRA simultaneously worked with the CFPB's rulemaking division to provide input on potential areas for industry-wide reform. PRA remains committed to that process, and urged the CFPB to follow through with its rulemaking.

“We take great pride in the fact that we have helped lift up this entire industry by adopting stringent protocols for our employees and working with regulators to raise industry standards,” Fredrickson said. “We believe the new rules we have agreed to as a part of this settlement will create more confidence among regulators and our clients that people who have debts are treated fairly and with respect. That said, we intend to continue to work with the CFPB going forward to bring about meaningful industry-wide reforms.”

About PRA Group

As a global leader in acquiring non-performing loans, PRA Group (Nasdaq: PRAA) returns capital to global banks and other creditors to help expand financial services for consumers in North America and Europe. PRA Group companies collaborate with customers to help them resolve their debt and provide a broad range of additional revenue and recovery services to business and government clients.

PRA has been recognized as one of Fortune's 100 Fastest-Growing Companies for three years and one of Forbes' Best Small Companies in America for eight consecutive years since 2007. For more information, please visit www.pragroup.com.

News Media Contact:

Michael McKeon

(212) 681-1380

MMckeon@mercuryllc.com

Investor Contact:

Darby Schoenfeld

Director of Investor Relations

(757) 431-7913

DCSchoenfeld@PRAGroup.com

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