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

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

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

The lending company, ACE money Express, “used false threats, intimidation, and harassing telephone telephone calls to bully payday borrowers into a period of financial obligation,” said CFPB Director Richard Cordray.