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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

An additional indication that the cash advance industry is increasingly under siege, the CFPB reached funds Thursday with among the country’s largest payday lenders for ten dollars million over its unlawful business collection agencies techniques.

The financial institution, ACE money Express, «used false threats, intimidation, and harassing phone calls to bully payday borrowers into a period of financial obligation,” said CFPB Director Richard Cordray. “This tradition of coercion drained millions of bucks from cash-strapped customers who’d few choices to fight.»

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