The customer Financial Protection Bureau (CFPB) today took enforcement action against ACE money Express, among the biggest payday loan providers in the usa, for making use of unlawful financial obligation collection techniques вЂ“ including harassment and false threats of legal actions or unlawful prosecution. ACE will give you $5 million in refunds and spend a $5 million penalty for those violations.
вЂњACE used false threats, intimidation, and harassing phone phone phone phone calls to bully payday borrowers into a period of financial obligation,вЂќ said CFPB Director Richard Cordray. вЂњThis tradition of coercion drained millions of bucks from cash-strapped customers who’d few choices to react. The CFPB was made to face up for customers and after this we have been following through to place a finish to the unlawful, predatory behavior.вЂќ
ACE, headquartered in Irving, Texas, provides loans that are payday check-cashing services, name loans, installment loans, as well as other consumer financial loans and services. ACE provides the loans online and at nearly all its 1,500 storefronts that are retail. (more…)