Consumer Bureau Action Tracker

CFPB – ACE Cash Express


State

Nationwide

target

ACE Cash Express

Topics

Enforcement, Debt Collection, Payday Loans

In 2014, The Consumer Financial Protection Bureau reached a settlement with ACE Cash Express which required the Texas-based payday lender to pay a $5 million penalty and $5 million in refunds over charges the company used illegal debt collection practices to pressure borrowers into taking out additional payday loans.”

  • “The Consumer Financial Protection Bureau announced Thursday it had reached a settlement with ACE Cash Express, and that the Texas-based payday lender had agreed to pay a $5 million penalty and $5 million in refunds. The CFPB had accused ACE Cash Express of using illegal debt collection practices to pressure borrowers into taking out additional payday loans.” [Jerry Siebenmark, “ACE Cash Express agrees to $10 million settlement with federal agency,” The Wichita Eagle, 07/10/14]

Status

Inactive or Resolved


2014-CFPB-0008 7/10/2014 7/10/2014

CFPB Takes Action Against ACE Cash Express for Pushing Payday Borrowers Into Cycle of Debt
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/ace-cash-express/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Nonbank
  • $10,000,000
  • Not Available

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