The buyer Financial Protection Bureau (CFPB) today took enforcement action against ACE money Express, among the payday lenders that are largest in the usa, for making use of unlawful financial obligation collection techniques вЂ“ including harassment and false threats of legal actions or unlawful prosecution. ACE will offer $5 million in refunds and spend a $5 million penalty for those violations.
вЂњACE used false threats, intimidation, and harassing telephone phone phone calls to bully payday borrowers into a period of financial obligation,вЂќ said CFPB Director Richard Cordray. вЂњThis tradition of coercion drained millions of bucks from cash-strapped customers who’d options that are few react. Continue Reading