CFPB Announces ten dollars million Business Collection Agencies Action Against Payday Lender

CFPB Announces ten dollars million Business Collection Agencies Action Against Payday Lender

Patrick Lunsford

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 – 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.

“ACE used false threats, intimidation, and harassing phone phone phone phone calls to bully payday borrowers into a period of financial obligation,” said CFPB Director Richard Cordray. “This 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.”

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…)

Continue Reading
Close Menu