Another One Bites the Dust
The Consumer Financial Protection Bureau (CFPB) took enforcement action Thursday against ACE Cash Express, one of the United State's largest payday lenders. ACE Cash Express was charged with pushing payday borrowers into a cycle of debt through illegal debt collection tactics including harassment and false threats of lawsuits or criminal prosecution. ACE will pay $5 million in refunds and another $5 million as penalty for these violations. [7/11/14]