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

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 online payday MO 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.

Particularly, the permission order will not specify the quantity or regularity of problematic collection calls created by ACE enthusiasts nor does it compare ACE’s performance along with other businesses collecting debt that is seriously delinquent.

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