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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 buyer Financial Protection Bureau (CFPB) today took enforcement action against ACE money Express, among the biggest payday loan providers in america, for making use of unlawful financial obligation collection techniques – including harassment and false threats of legal actions or unlawful prosecution. 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 phone calls to bully payday borrowers right into a cycle of financial obligation,” said CFPB Director Richard Cordray.