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CFPB alleges UDAAP trifecta in payday lending enforcement action
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Consumer Protection
Friday, July 11, 2014
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The Dodd-Frank Act gave the Consumer Financial Protection Bureau authority to root out unfair, deceptive and abusive acts or practices in the consumer financial markets, and the agency has fined a payday lender it said engaged in all three in order to drive consumers into a cycle of debt. Irving, Texas-based Ace Cash Express agreed to pay $10 million to resolve CFPB claims that the company used illegal debt collection tactics — including harassment and false threats of lawsuits or criminal prosecution — to pressure overdue borrowers into taking out additional loans they could not afford. Read on to learn about the CFPB’s UDAAP claims.
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