Friday, November 21st2.8°C
24157
23720

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

23872


Recent Trending




Today's Market
S&P TSX15102.08+26.90
S&P CDNX790.857.28
DJIA17789.4570.45
Nasdaq4712.731+10.863
S&P 5002060.36+7.61
CDN Dollar0.8892+0.0051
Gold1197.40+6.50
Oil75.77-0.08
Lumber332.10+5.10
Natural Gas4.319-0.17

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.79+0.99
Copper Mountain Mining2.24+0.06
Colorado Resources0.14+0.01
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


22980

FEATURED Property
212412270 A Forest Lane
4 bedrooms 3 baths
$400
more details
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24156

22911


Member of BC Press Council


22962