The buyer Financial Protection Bureau (CFPB) today took enforcement action against ACE money Express, among the biggest payday loan providers in america, 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 of these violations.
вЂњACE used threats that are false intimidation, and harassing phone calls to bully payday borrowers right into a cycle of financial obligation,вЂќ said CFPB Director Richard Cordray. вЂњThis tradition of coercion drained millions of bucks from cash-strapped customers that has options that are few react. The CFPB is made to face up for customers and after this we have been following through to place a conclusion for this unlawful, predatory behavior.вЂќ