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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 The agency has also stated in addition that the payday lending company unlawfully erased customer funds. By Ben Luthi Published July 14, 2022. The Consumer Financial Protection Bureau (CFPB) issued a suit on Tuesday on behalf of ACE Cash Express. The federal agency claims that the payday lending company has generated up to $240 million or greater in interest on reborrowings from people who qualified for free repayment plans . It also admitted to lying about the number of times it was attempting to debit funds from the accounts of loanees’ banks. Important Takeaways The CFPB is suing payday lender ACE Cash Express for charging charges that are illegal and illegal debits from the borrowers’ accounts. The federal agency asserts that lenders are repeated offender, citing a 2016 enforcement effort that resulted in an amount of $10 million in penalties, as well as Refunds to borrowers. The CFPB is seeking financial relief for consumers such as injunctive relief or civil fines, disgorgement, or compensation for unfair gains. The CFPB’s Lawsuit Against ACE Express Cash Express ACE Cash Express is a payday lender that also offers title loans including check cashing bill pay , and a range additional financial services.1 However, its treatment of payday loans is what brought the matter to the attention of the CFPB. The federal agency alleges the lender is in violation of federal laws. In particular: Concealing free repayment plans: In 10 states, they are entitled to one repayment plan that is free every year. It lets them take the four equal installments instead the lump sum and with no interest or fees. Instead of making borrowers aware of this option, ACE Cash Express told them their only options were an indefinite grace period or a fee-based refinance. The CFPB says that the lender paid at a minimum of $240 million in fees for these borrowers from 2014. Paying for money illegally: In several states, payday loan contracts state that the lender is able to attempt to withdraw the repayment up to three times. However, the CFPB asserts that ACE Cash Express has made an unauthorised fourth withdrawal at least 3,000 times over the course of 2016, resulting in $1.3 million in cash that was illegally debited. 2 The CFPB notifies of an enforcement action it took to ACE Cash Express in 2014 in which it ordered the payday lender to cease putting consumers into cycle after cycle of debt as well as to stop other illegal debt collection practices.3 The lender said in a press release that the lawsuit is insufficient, asserting that the illegal withdrawals impacted only 0.028 percentage of borrowers. The lender also said the fact that more than 140,000 customers have utilized the payment plan option in the past, and that this is evidence that consumers know about the option.4 Sponsored Reliable, Simple, Innovative CFD Trading Platform Looking for a reliable CFD trading platform? 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More Student Debt Definition Student debt refers to loans to cover college tuition that are due when the student graduate or leaves school. more Regulation B (Reg B) in the Equal Credit Opportunity Act (ECOA) Regulation B specifies the rules that lenders have to 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 the Equal Credit Opportunity Act (ECOA)? What is its purpose? The Equal Credit Opportunity Act (ECOA) is a federal civil rights law which prohibits lenders to deny the credit of a prospective applicant for any reason that is not related or affecting the ability of the person to pay back. More FTX: An Overview the Exchange and its collapse FTX, once the third-largest centralized cryptocurrency exchange has been placed operating in U.S. bankruptcy. Its CEO is facing criminal as well as civil charges . 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