CFPB Takes Action Against ACE Money Express for Pressing Payday Borrowers Towards Cycle of Financial Obligation
ACE to pay for $10 Million for Using prohibited business collection agencies Tactics to Pressure Consumers towards Debt Traps
WASHINGTON, D.C. вЂ” Today, the buyer Financial Protection Bureau (CFPB) took enforcement action against ACE money Express, among the biggest payday loan providers in the usa, for pushing payday borrowers into a period of financial obligation. The CFPB unearthed that ACE used debt that is illegal techniques вЂ“ including harassment and false threats of lawsuits or unlawful prosecution вЂ“ to pressure overdue borrowers into taking out fully extra loans they are able to maybe not manage. ACE will offer $5 million in refunds and spend a $5 million penalty of these violations.
вЂњACE used threats that are false intimidation, and harassing phone phone phone calls to bully payday borrowers right into a period of financial obligation,вЂќ said CFPB Director Richard Cordray. Lire la suite