Violation Tracker Individual Record

Company: 
ACE Cash Express
Current Parent Company: 
ACE Cash Express
Penalty: 
$15,000,000
Year: 
2014
Date: 
July 10, 2014
Primary Offense: 
consumer protection violation
Secondary Offense: 
payday lending violation
Violation Description: 

The Consumer Financial Protection Bureau took enforcement action against ACE Cash Express, one of the largest payday lenders in the United States, for pushing payday borrowers into a cycle of debt. The CFPB found that ACE used illegal debt collection tactics including harassment and false threats of lawsuits or criminal prosecution to pressure overdue borrowers into taking out additional loans they could not afford. ACE was required to provide $5 million in refunds and pay a $5 million penalty.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Texas
Ownership Structure of Parent: 
privately held
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
payday loans
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.