Tuesday, November 25th2.1°C
23286
23988

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




Recent Trending




Today's Market
S&P TSX15073.65+58.24
S&P CDNX780.64-6.86
DJIA17814.94-2.96
Nasdaq4758.252+3.36
S&P 5002067.03-2.38
CDN Dollar0.8882+0.0023
Gold1200.10+4.40
Oil73.88-1.90
Lumber328.30-2.70
Natural Gas4.286+0.135

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.04
Cantex0.040.00
Anavex Life Sciences0.175-0.005
Metalex Ventures0.030.00
Russel Metals32.14+0.65
Copper Mountain Mining2.15-0.02
Colorado Resources0.130.00
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.325-0.04

 
23744


23015

FEATURED Property
21015631903 Hidden Lake Place
5 bedrooms 4 baths
$794,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


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...

_



24207

24207


Member of BC Press Council


24033