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ARTICLE · 18 JULY 2014

CFPB Enforcement Action Against Payday Lender Has Broad Implications For Financial Institutions

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The US Consumer Financial Protection Bureau has entered a consent order under which ACE Cash Express, Inc., a payday lender, agreed to pay $10 million to settle allegations of improper debt-collection activities.

United StatesFinance and Banking
Jeffrey Taft
Jeffrey Taft
Andrew Pincus
Andrew Pincus
Stephen Lilley
Stephen Lilley
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Keywords: CFPB, ACE Cash Express Inc., debt-collection,

The US Consumer Financial Protection Bureau (CFPB) has entered a consent order under which ACE Cash Express, Inc., a payday lender, agreed to pay $10 million to settle allegations of improper debt-collection activities.1 Half of the payment is for consumer redress and half is a civil penalty. The action is predicated upon a determination by the CFPB that ACE Cash Express engaged in unfair, deceptive and abusive acts or practices (UDAAP). This July 11, 2014 order comes against the backdrop of the CFPB's continued consideration of possible rulemaking relating to payday lenders,2 and was accompanied by a tough tone toward such lenders in CFPB Director Cordray's remarks at the action's announcement.3

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