CFPB Moves Against Cash Advance Industry, Orders ACE Cash Express To Pay For $10 Million

CFPB Moves Against Cash Advance Industry, Orders ACE Cash Express To Pay For $10 Million

An additional indication that the pay day loan industry is increasingly under siege, the CFPB reached funds Thursday with among the country’s biggest payday lenders for $10 million over its illegal business collection agencies tactics.

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 dollars from cash-strapped customers who’d options that are few react.”

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