CFPB Techniques Against Cash Advance Industry, Orders ACE Cash Express To Cover $10 Million

CFPB Techniques Against Cash Advance Industry, Orders ACE Cash Express To Cover $10 Million

The CFPB reached a settlement Thursday with one of the nation’s largest payday lenders for $10 million over its illegal debt collection tactics in another sign that the payday loan industry is increasingly under siege.

The lending company, ACE money Express, “used untrue threats, intimidation, and harassing telephone calls to bully payday consumers right into a period of debt,” said CFPB Director Richard Cordray. Continue reading