Wednesday, May 27th14.9°C
26426
26033

Payday lender Ace Cash Express paying $10M in settlement with US agency over collecting debts

WASHINGTON - 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 forcing consumers into a cycle of debt.

Ace, based in Irving, Texas, didn't admit wrongdoing in the settlement. The company said in a statement it has cut ties with the outside collection agency which the regulators had expressed concerns about.

The Canadian Press


Read more Business News

26416


Recent Trending




Today's Market
S&P TSX15072.28+21.47
S&P CDNX690.72-1.24
DJIA18160.82+119.28
Nasdaq5081.72+48.97
S&P 5002119.57+15.37
CDN Dollar0.8011-0.003
Gold1187.40-16.90
Oil58.69-0.32
Lumber273.40-2.80
Natural Gas2.803-0.019

 
Okanagan Companies
Pacific Safety0.135-0.005
Knighthawk0.010.00
QHR Technologies Inc1.48-0.03
Cantex0.03-0.01
Anavex Life Sciences0.411-0.021
Metalex Ventures0.085+0.005
Russel Metals25.04-0.17
Copper Mountain Mining1.27-0.01
Colorado Resources0.105+0.005
ReliaBrand Inc0.0095+0.0015
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.15-0.02
Decisive Dividend Corporation2.10+0.16

 



26404

FEATURED Property
22239925241 Buchanan Road
3 bedrooms 4 baths
$2,299,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25991

25217


Member of BC Press Council


26106