CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Into Pattern of Financial Obligation
ACE to pay for ten dollars Million for making use of prohibited business collection agencies Tactics to stress people towards Debt Traps
WASHINGTON, D.C. — Today, the customer Financial Protection Bureau (CFPB) took enforcement action against ACE money Express, among the biggest payday loan providers in the usa, for pressing payday borrowers right into a period of financial obligation. The CFPB discovered that ACE utilized unlawful business collection agencies strategies – including harassment and false threats of legal actions or unlawful prosecution – to stress overdue borrowers into taking out fully extra loans they are able to perhaps not pay for. ACE will give you $5 million in refunds and spend a $5 million penalty of these violations. Read More →