A payday lender with three Lubbock locations agrees to a $10,000,000 settlement in a federal complaint over illegal debt collection tactics.
The consumer financial protection bureau claims, Irving- based "Ace Cash Express" illegally harassed clients to collect debts and get them to take out additional loans.
The settlement deal includes returning $5,000,000 to customers who were affected, from March 2011 to September 2012, and they will be contacted about how to make a claim for a refund.
Ace does not admit to any wrongdoing.
In a statement, the company reports it has cooperated fully with the CFPB, cut ties with its outside collection agency, and voluntarily enhanced its regulatory compliance program.