Economy

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16. ACE CASH EXPRESS SETTLES DEBT COLLECTION CLAIMS

Fri Jul 11, 2014, 05:30 AM

Jul 2014

http://hosted.ap.org/dynamic/stories/U/US_ACE_CASH_EXPRESS_SETTLEMENT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-07-10-15-31-12

WASHINGTON (AP) -- Ace Cash Express Inc. has agreed to pay $10 million in a settlement with federal regulators who accused the payday lender of illegally harassing borrowers to collect debts and get them to take out additional loans.

The Consumer Financial Protection Bureau announced the agreement with Ace, one of the biggest payday lenders in the U.S. The company will pay a $5 million fine and return $5 million to affected customers.

The CFPB said Thursday it was its first action against a payday lender for pressuring consumers into a cycle of debt.

The agency said that ACE used illegal tactics such as harassing customers and making threats of lawsuits or criminal prosecution against them. The government said ACE collectors also threatened to charge customers extra fees and report them to the consumer credit reporting agencies - in violation of company policy.

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