ACE Cash Express Inc., one of the largest payday lenders in the US, is facing a lawsuit from the CFPB for allegedly charging reborrowing fees to delinquent borrowers who may have been eligible for free debt repayment plans.
ACE has generated at least $240 million in fees since 2014 through practices that “deceptively concealed” its customers’ right to free repayment plans, according to the lawsuit filed Tuesday by the Consumer Financial Protection Bureau in the US District Court for the Northern District of Texas.
The Irving, Texas-based company led the delinquent borrowers to believe they only had two options to ...
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