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Education News Simulator Your Money Advisors Academy News Personal Finance News CFPB Sues ACE Cash Express, Alleging Concealment of Free Repayment Plans Also, the agency says its findings that the cash lender illegally withdrawing customer funds. By Ben Luthi Published on July 14, 2022. The Consumer Financial Protection Bureau (CFPB) issued a suit on Tuesday in the case against ACE Cash Express. The federal agency claims that the payday lending company has generated about $240 million, or more, in charges for reborrowing from borrowers who had the right to free loans and also deceived about the number of times it attempted to deduct charges from bank accounts belonging to borrower. Most important Takeaways The CFPB has been sued by payday lender ACE Cash Express for charging fraudulent fees as well as making illegal debits of borrowers’ accounts. The federal agency asserts that they are a repeat offenders, citing an law enforcement investigation in 2014. The action resulted in $10 million in penalties and lender refunds. The CFPB seeks financial relief for consumers such as injunctive relief or civil penalties, disgorgement or compensation for unfair gains. The CFPB’s Lawsuit Against ACE Express Cash Express ACE Cash Express is a payday lender which offers title loans or check cashing bill pay and a number of other financial services.1 However, 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: Paying off free plans: In 10 states, those who borrow have the right to one repayment plan for free each calendar year. This lets them make 4 equal installments instead of an all-in lump sum, and no additional charges or interest. Instead of making borrowers aware of this choice, ACE Cash Express told its customers that they could only choose short grace periods or a refinance based on fees. The CFPB claims that the lender has received at least $240million in fees from these borrowers since 2014. Money being withdrawn illegally: in several states, payday loan contracts state that the loan provider can try at withdrawing repayment up to three times. However, the CFPB alleges that ACE Cash Express has made an unauthorised fourth withdrawal at minimum 3,000 times in 2016 leading to $1.3 million that was fraudulently debited. 2 The CFPB mentions an enforcement action it initiated at ACE Cash Express in 2014, which required the payday lender not to force the borrowers into debt cycles as well as to stop other illegal debt collection practices.3 The lender wrote in a press statement that the lawsuit is baseless, arguing that the incorrect withdrawals had an impact on just 0.028 percent of the borrower population and there are more than 140,000 who have utilized the option of a payment plan making this evidence that consumers can be aware of that option.4 Sponsored Reliable, Simple, Innovative CFD Trading Platform Are you looking for a dependable CFD trading site? With Germany’s No. 1 CFD Provider (Investment Trends for 2022), Plus500 is a licensed CFD provider whose website is secured through SSL. 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They are due upon the day the student graduates or leaves the school. More Regulation B (Reg B) in the Equal Credit Opportunity Act (ECOA) Regulation B specifies the rules the lenders must follow when processing and obtaining credit information. More Consumer Financial Protection Act The Consumer Financial Protection Act of 2010 established the Consumer Financial Protection Bureau (CFPB). more What Is What is Equal Credit Opportunity Act (ECOA)? Purpose The Equal Credit Opportunity Act (ECOA) is a federal civil rights law that allows lenders to deny the credit of a prospective applicant based on any factor unrelated to the person’s ability to pay back. more FTX: An Overview of the Exchange and Its Fall FTX it was the 3rd largest central cryptocurrency exchange it is now located in U.S. bankruptcy. The founder of the company faces criminal and civil charges . The case will go to trial in October. More

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