Local

Ace Cash Express Settles Debt Collection Claims

(credit: WEDA/AFP/Getty Images)

(credit: WEDA/AFP/Getty Images)

From Our CBS Music Web Sites

453641528 10 Ace Cash Express Settles Debt Collection ClaimsAdorbale Baby Animals To Put A Smile On Your Face

christmas on kluv dl Ace Cash Express Settles Debt Collection ClaimsListen To Christmas Music

180648074 8 Ace Cash Express Settles Debt Collection ClaimsFunny Faced Cheerleaders

 alt=Musicians Then And Now II

452359780 10 Ace Cash Express Settles Debt Collection ClaimsMissing Summer?

cowb thumb Ace Cash Express Settles Debt Collection ClaimsCowboys Cheerleaders

IRVING, Texas (AP) - Ace Cash Express Inc. has agreed to pay $10 million in a settlement with federal regulators who accused the payday lender of illegally harassing borrowers to collect debts and get them to take out additional loans.

The Consumer Financial Protection Bureau announced the agreement with Ace, one of the biggest payday lenders in the U.S. The company will pay a $5 million fine and return $5 million to affected customers.

The CFPB said Thursday it was its first action against a payday lender for forcing consumers into a cycle of debt.

Ace, based in Irving, Texas, didn’t admit wrongdoing in the settlement. The company said in a statement it has cut ties with the outside collection agency which the regulators had expressed concerns about.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Latest News:

Top Trending:

PHOTOS: Your Pet Pictures