CFPB Announces ten dollars million Business Collection Agencies Action Against Payday Lender Patrick Lunsford The customer Financial Protection Bureau (CFPB) today took enforcement action against ACE money Express, among the payday lenders that are largest in the us, for making use of unlawful financial obligation collection techniques – 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. “ACE used false threats, intimidation, and harassing phone phone phone phone calls to bully payday borrowers right into a period of financial obligation,” said CFPB Director Richard Cordray. “This tradition of coercion « Continue »