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CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Into Cycle of Debt

Today, the buyer Financial Protection Bureau (CFPB) took enforcement action against ACE money Express, among the payday lenders that are largest in america, for pressing payday borrowers in to a period of financial obligation. The CFPB unearthed that ACE utilized unlawful financial obligation collection techniques – including harassment and false threats of lawsuits or unlawful prosecution – to pressure overdue borrowers into taking right out extra loans they might perhaps not manage. ACE will give you $5 million in refunds and spend a $5 million penalty for those violations.

“ACE used false threats, intimidation, and harassing telephone telephone telephone calls to bully payday borrowers right into a period of financial obligation, ” said CFPB Director Richard Cordray. “This tradition of coercion drained millions of bucks from cash-strapped customers that has few choices to react. The CFPB is made to face up for customers and after this our company is using action to place a conclusion to the unlawful, predatory behavior. ادامه مطلب »



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