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Education News Simulator Your Money Advisors Academy News Personal Finance News CFPB Sues ACE Cash Express accusing them of concealing free Repayment Plans The agency has also stated its findings that the cash lender illegally removed customer funds. By Ben Luthi The article was published on July 14, 2022. The Consumer Financial Protection Bureau (CFPB) made a public announcement on Tuesday in the case against ACE Cash Express. The federal agency claims the payday lender has generated around $240 million or more in borrowing fees from borrowers that could have been eligible for free payment plans. Additionally, it lied about the amount of times it attempted to deduct payments from borrower bank accounts. Essential Takeaways The CFPB has been sued by payday lender ACE Cash Express for charging unlawful fees and making illicit debits of borrowers’ accounts. The Federal Agency says they are a repeat offenders, citing an 2015 enforcement case that led to $10,000 in penalties and Refunds to borrowers. The CFPB seeks financial relief for consumers such as injunctive relief or civil penalties, disgorgement or compensation for unjust gains. The CFPB’s Lawsuit Against ACE Cash Express ACE Cash Express is a payday lender offering title loans in addition to check cashing, bill pay and a wide range others financial services.1 But the way it handles payday loans is what brought an action by the CFPB. The agency claims the lender has broken federal law. In particular: Uncovering free repayment programs In 10 states, they are entitled to an unrestricted repayment plan every year, which allows them to make four equal installments , instead of an all-in lump sum, and no interest or fees. Instead of making the borrowers aware about this option, ACE Cash Express told it that the only options for them were the short grace period or a refinance with a fee. The CFPB affirms that the company has produced at most $240 million in fees from these borrowers since 2014. Money being withdrawn illegally: in many States, payday loan contracts state that the lender can attempt at withdrawing repayment up to three times. However the CFPB declares that ACE Cash Express has made an unauthorized fourth withdrawal at about 3,000 in the last year which resulted in $1.3 million in money which was debited illegally. 2 The CFPB will also note an enforcement action that it took in 2014 against ACE Cash Express in 2014, which ordered the payday lender to refrain from dragging consumers into cycle after cycle of debt in addition to other criminal debt collection practices.3 In a press release that the lawsuit is unfounded, and argues that the wrong withdrawals were only affecting 0.028 percent of its borrowers. more than 140,000 borrowers have utilized the option of a payment plan which they claim is proof that consumers have been aware of this option.4 Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you looking for a reliable CFD trading system? As Germany’s No. 1 CFD Provider (Investment trends 2022) Plus500 is a licensed CFD provider whose platform is secured through SSL. 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Article Sources Related Articles Wells Fargo Personal Finance News Wells Fargo to Pay $3.7 Billion Settlement for Unprofessionalism CFPB Director Personal Finance News Appeals Court Rules CFPB Funding Unconstitutional Woman using laptop Personal Finance News The CFPB has distributed $95 million for consumers who have been harmed 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 Letter of Relief Approval The back of cars are lined up at the dealership for cars Government News FTC Refunds $475,000 To Tate’s Auto Victims Partner Links Related Terms What Is a Payday Loan? How it works, How to Get One and the Legality A payday loan is a type of short-term borrowing in which a loan is granted with a high-interest rate by calculating your income. more Student Debt Definition Student debt is the term used to describe loans to cover the tuition fees at college that become due when the student graduate or quits school. More Regulation B (Reg B) in the Equal Credit Opportunity Act (ECOA) Regulation B outlines the requirements which lenders must 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 to deny the credit of a prospective applicant because of any other factor that isn’t related or affecting the ability of the person to repay. more FTX: An Overview the Exchange as well as its Colapse FTX was once the third largest cryptocurrency exchange in the world The company is now being filed in U.S. bankruptcy. The company’s founder faces criminal and civil charges and goes to the trial in October. More

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