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

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

Today, the buyer Financial Protection Bureau (CFPB) took enforcement action against ACE money Express, among the biggest payday loan providers in america, for pushing 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 legal actions or criminal prosecution – to pressure overdue borrowers into taking right out extra loans they are able to maybe perhaps not pay for. ACE will offer $5 million in refunds and spend a $5 million penalty of these violations.

“ACE used false threats, intimidation, and harassing telephone 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 dollars from cash-strapped customers that has few choices to react. متابعة قراءة “CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Towards Pattern of Financial Obligation”