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Februar 13, 2021

Let me make it clear about CFPB obtains $10 million of relief for payday lender??™s collection phone calls

Filed under: payday loans ohio no credit check — LIn Kvardo @ 3:24 am
Yesterday, the CFPB and ACE money Express issued pr announcements announcing that ACE has entered as a permission purchase using the CFPB. The consent order details ACE??™s collection techniques and needs ACE to cover $5 million in restitution and another $5 million in civil financial charges.

The CFPB criticized ACE for: (1) instances of unfair and deceptive collection calls; (2) an instruction in ACE training manuals for collectors to ???create a sense of urgency,??? which resulted in actions of ACE collectors the CFPB viewed as ???abusive??? due to their creation of an ???artificial sense of urgency???; (3) a graphic in ACE training materials used during a one-year period ending in September 2011, which the CFPB viewed as encouraging delinquent borrowers to take out new loans from ACE; (4) failure of its compliance monitoring, vendor management, and quality assurance to prevent, identify, or correct instances of misconduct by some third-party debt collectors; and (5) the retention of a third party collection company whose name suggested that attorneys were involved in its collection efforts in its consent order. (weiterlesen …)

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