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CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Towards Pattern of Financial Obligation

Donnerstag, August 6th, 2020

CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Towards Pattern of Financial Obligation

Today, the customer Financial Protection Bureau (CFPB) took enforcement action against ACE Cash Express, among the biggest payday loan providers in the usa, for pressing payday borrowers as a period of financial obligation. The CFPB discovered that ACE utilized debt that is illegal techniques – including harassment and false threats of lawsuits or unlawful prosecution – to pressure overdue borrowers into taking out fully extra loans they are able to perhaps perhaps not pay for. ACE will offer $5 million in refunds and spend a $5 million penalty of these violations.

“ACE used threats that are false intimidation, and harassing telephone telephone calls to bully payday borrowers into a period of financial obligation, ” said CFPB Director Richard Cordray. (mehr …)