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Education News Simulator Your Money Advisors Academy News Personal Finance News CFPB Sues ACE Cash Express for allegedly concealing the existence of free Repayment Plans In addition, the agency claims they believe that the company that lends money to payday lenders illegally removed customer funds. By Ben Luthi Published July 14, 2022 The Consumer Financial Protection Bureau (CFPB) announced a lawsuit Tuesday on behalf of ACE Cash Express. The federal agency claims the payday lender has raked in an amount of $240 million or more charges for reborrowing from borrowers who were eligible for repayment plans and also lied about the frequency it tried to debit payments from borrower bank accounts. The most important takeaways The CFPB has filed suit against payday lender ACE Cash Express for charging charges that are illegal and illegal debits on borrowers’ accounts. According to the Federal agency, the lender is a repeat offender, citing a 2014 . enforcement measure that led to $1 million in fines and the repayment of a borrower. The CFPB is seeking monetary relief for consumers Injunctive relief, civil penalty, and disgorgement compensation for unfair gains. The CFPB’s Lawsuit Against ACE Cash Express ACE Cash Express is a payday lender offering title loans and check cashing as well as bill pay , as well as a myriad others financial services.1 But its handling of payday loans is what brought on a lawsuit filed by the CFPB. The agency claims that the lender has broken federal laws. More specifically: Uncovering free repayment programs: In 10 states, those who borrow have the right to one repayment plan that is free every year. They can pay four equal installments , instead of one lump sum. The plan comes with no additional fees or interest. Instead of making borrowers aware of this option, ACE Cash Express told it that the only options for them were an indefinite grace period or a fee-based refinance. The CFPB reports that the company has received at least $240million in fees by these borrowers between 2014 and now. Illegally withdrawing money: In many States, payday loan contracts state that the lender has the ability to withdraw repayment up to three times. However, the CFPB claims that ACE Cash Express has made an unauthorised fourth withdrawal at least 3,000 times since the year 2016 the result was $1.3 million being debited without authorization. 2 The CFPB additionally outlines an enforcement action it initiated towards ACE Cash Express in 2014 that ordered the payday lender not to force borrower into debt cycle, among other illegal debt collection practices.3 The lender wrote in its press statement that the lawsuit is unfounded, and argues that the incorrect withdrawals had an impact on just 0.028 percent of loanees and that more than 140,000 of borrowers have used the option of a payment plan in the past, and that this is evidence that customers were aware of the option.4 Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you searching for a reliable CFD trader? With Germany’s No. 1 CFD Provider (Investment Tends 2022) Plus500 is a licensed CFD service whose platform is secure by SSL. 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Article Sources Related Articles Wells Fargo Personal Finance News Wells Fargo to Pay $3.7 Billion Settlement to Correct Mismanagement CFPB Director Personal Finance News Appeals Court Rules CFPB Funding Unconstitutional Woman using laptop Personal Finance News A CFPB Payment of $95 Million is Distributed in compensation to consumers affected by Premier Student Loan Center CFPB Personal Finance News CFPB Announces Lawsuit Against MoneyLion Man checks email Personal Finance News Massive number of students received Uncorrected Reminder of Approval for Relief Back of car line at car dealership Government News FTC Returns the sum of $415,000 Tate’s Auto Victims Partner Links Related Terms What Is a Payday Loan? How it works, How to Get One, and Legality The term payday loan is a type temporary borrowing, wherein a lender will extend high-interest credit dependent on your income. More Student Debt Definition Student debt refers to loans to cover college tuition . They are due after the student graduates or leaves school. more Regulation B (Reg B) in the Equal Credit Opportunity Act (ECOA) Regulation B provides the rules that lenders have to follow for obtaining and processing of credit information. More Consumer Financial Protection Act The Consumer Financial Protection Act of 2010 established the Consumer Financial Protection Bureau (CFPB). more What Is The Equal Credit Opportunity Act (ECOA)? What is its purpose? The Equal Credit Opportunity Act (ECOA) is a federal civil rights statute that prohibits lenders from denying credit to applicants based on any factor unrelated or affecting the ability of the person to repay. More FTX: An Overview the Exchange and its Collusion FTX It was once the 3rd-largest central cryptocurrency exchange currently is located in U.S. bankruptcy. Its CEO is facing criminal as well as civil charges and goes to trial in October. more
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