CFPB’s Enforcement Action Against ACE Cash Express Demonstrates Need for Broad, Strong Payday Rules
National People’s Action Statement: CFPB’s Enforcement Action Against ACE Cash Express Demonstrates Need for Broad, Strong Payday Rules
In light of today’s announcement by the Consumer Finance Protection Bureau that it will fine ACE Cash Express $10 million for systematically deploying illegal debt collection methods, Liz Ryan Murray, National People’s Action’s Policy Director, issued the following statement:
“National People’s Action applauds the Consumer Finance Protection Bureau for taking action against ACE Cash Express. Working families across the country depended on the CFPB to protect them from predatory payday lenders that intimidate and deceive their customers.
“But the problems of predatory consumer lending go far beyond illegal debt collection. ACE Cash Express and other similar lenders use loan shark tactics to trap working families in a cycle of debt. These practices are endemic in the industry. We urge the CFPB to stand with working families and issue broad and strong rules to crack down on the out-of-control consumer lending lending industry.”
National People’s Action (www.npa-us.org) is a network of 30 grassroots organizations in 17 states, with 85,000 individual members working together to advance a racial and economic justice agenda for a new economy and true democracy.