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Regulators prepare rules on payday loans to shield borrowers | New …

WASHINGTON (AP)—Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first-ever rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau says state laws governing the $46 billion payday lending industry often fall short, and that fuller disclosures of the interest and fees—often an annual percentage rate of 300 percent or more—may be needed.

Full details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express after accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

[…]

Feds To Write New Rules For Payday Loans: WSJ – Huffington Post

Image reuters_logo.jpg

NEW YORK, Jan 4 (Reuters) – A U.S. regulator focused on consumer protection is planning the first federal regulations ever for lenders that make small loans to borrowers seeking cash before their next pay day, The Wall Street Journal reported on Sunday.
The Consumer Financial Protection Bureau will convene a panel of small lenders early this year to discuss possible rules for payday loans designed to make them easier to repay, the report said.
Consumer advocates say the loans, which can carry annualized interest rates of more than 500 percent, can trap primarily low-income borrowers in a cycle of mounting debt. They are concerned in particular about online lenders, which they say sometimes skirt state laws for payday loans.
Until now, payday lenders have been regulated by states rather than by the federal government, but the CFPB and the Federal Trade Commission have both sued payday lenders for abusive practices.
The CFPB also ordered payday lender ACE Cash Express in July to pay $10 million to settle accusations that it had used unfair debt collection practices such as threatening to sue borrowers to pressure them into taking out new loans.
(Reporting by Emily Flitter; Editing by Leslie Adler)

[…]

Transfer rumours: Man City ready to splash out £45m to sign Ross Barkley

Arsenal are readying a £7m bid for Chelsea goalkeeper Petr Cech to replace Wojciech Szczesny. (Star)

Arsenal look set to miss out on Yohan Cabaye as midfielder is likely to re-sign for Newcastle. (Mirror)

Another Arsenal target, meanwhile, is also on the move with reports that Ron Vlaar is set to quit Aston Villa for Napoli. (Italian newspaper Il Mattino)

Arsenal look set to beat Man Utd to Ipswich’s £10m-rated 18-year-old midfielder Teddy Bishop. (Sun)

Arsenal are leading the race to sign PSG striker Edinson Cavani. (Star)

Arsenal are lining up a bid for young German keeper Loris Karius from Mainz (Mirror)

Arsene Wenger wants Yaya Sanogo, 21, to join a Premier League club on loan, with Aston Villa, Crystal Palace and Sunderland all interested. (Star)

Arsenal are edging closer to the signing of Atletico Madrid midfielder Mario Suarez, 27. (Express)

Arsene Wenger is targeting a January move for Everton midfielder James McCarthy. (Irish Independent)

The Gunners have had a bid for 16-year-old Polish midfielder Krystian Bielik rejected by Legia Warsaw. (Metro)

Arsenal and Tottenham will battle it out for the signature of Southampton midfielder Morgan Schneiderlin. (Squawka)

Arsenal are preparing to loan out striker Yaya Sanogo in January, with Aston Villa leading the chase. (Mirror)

The Gunners are submitting a £25.5m bid for 22-year-old Sporting Lisbon midfielder William Carvalho. (Star)

AC Milan have told Arsenal and Liverpool that striker Stephan El Shaarawy, 22, will cost £11.5m if they want to sign him in January. (Express)

The Gunners have had a £5m bid for Croatian midfielder Marcelo Brozovic rejected by Dinamo Zagreb (Star)

Arsenal transfer news – all the latest stories and rumours

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Aston Villa

Villa striker Christian Benteke has been linked with a move to champions Manchester City. (Sun)

Arsenal boss Arsene Wenger wants Yaya Sanogo, 21, to join a Premier League club on loan, with Aston Villa, Crystal Palace and Sunderland all interested. (Star)

With Fabian Delph appering set to leave Villa Park, the club are ready to make a move for Fulham midfielder Lasse Vigen Christensen as a potential replacement. (Mirror)

Liverpool are ready to test Aston Villa’s resolve by trying to sign midfielder Delph and centre-back Ron Vlaar in a £15m deal. (Star)

Manager Paul Lambert has admitted he is powerless in his bid to keep Vlaar and Delph amid interest from Manchester United and Liverpool. (Star)

Lambert hopes to secure a permanent deal for Manchester United loan star Tom Cleverley. (Birmingham Mail)

Aston Villa are keen on signing Man Utd midfielder Darren Fletcher. (Star)

AC Milan striker Giampaolo Pazzini is being offered to Premier League clubs, with Queens Park Rangers, Sunderland and Aston Villa all interested. (Mirror)

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Burnley

Leicester City have made a £7.5m bid for Burnley striker Danny Ings. (Mail)

However, Ings will not be sold in January, insists Burnley manager Sean Dyche. (Mail)

Sunderland are set to join neighbours Newcastle in the race to sign Ings. (Star)

Burnley could be already lining up a replacement for Ings with unsettled £5m-rated Crystal Palace striker Dwight Gayle on their radar. (Mirror)

Newcastle owner Mike Ashley wants to sign Ings for Scottish side Rangers. (Star)

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Chelsea

Croatia striker Andrej Kramaric could join Jose Mourinho’s side for £4m. (Times)

Chelsea’s pursuit of Gareth Bale looks to be over with the Welshman closing in on a new and improved deal at Real Madrid. (Express)

Chelsea’s veteran goalkeeper, Mark Schwarzer, is closing in on a move to Leicester. (Star)

Chelsea are poised to beat Leicester to the £7m signing of Croat striker Andrej Kramaric, 23, from HNK Rijeka.(Telegraph)

Chelsea have had a huge £101m bid for Real Madrid’s Gareth Bale rejected. (Star)

Chelsea are interested in signing striker Wilfried Bony, 26, from Swansea in January for £30m. (Times)

Real Madrid are lining up a bid to sign Eden Hazard in the summer (Star)

Chelsea are ahead of Arsenal and Manchester United in the chase for Corinthians forward Malcolm Silva. (Express)

Inter Milan are hopeful of concluding a loan deal for Chelsea winger Mohamed Salah. Sunderland and Atletico Madrid have also made contact. (Mail)

The Blues are set to pay £24m for Juventus utility man Kwadwo Asamoah in January. (Metro)

Chelsea transfer news- all the latest stories and rumours

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Crystal Palace

Incoming Crystal Palace manager Alan Pardew is considering a loan deal for Arsenal striker Yaya Sanogo. (Times)

Pardew is also interested in Swansea forward Bafetimbi Gomis, 29, Aston Villa striker Darren Bent, 30, and Lille left-back Pape Souare, 24. (Star)

Palace have made a £1.8m offer for Palermo left-back Achraf Lazaar. (Mail)

The Eagles are lining up a double swoop for Swansea’s Bafetimbi Gomis and Lille’s Pape Souare. (Star)

Palace are said to have made a £2.5m bid for Lille left-back Souare, but the French side are holding out for another £500,000. (Mail)

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Everton

Louis van Gaal wants to sign Everton right-back Seamus Coleman, 26, for around £20m (Guardian)

Everton are weighing up a short-term move for Wigan goalkeeper Ali Al-Habsi, 33 (Mail)

Manchester United midfielder Adnan Januzaj is a loan target for Everton as boss Roberto Martinez. (People)

Everton are understood to be in the chase for Croatia international and Dinamo Zagreb midfielder Marcelo Brozovic. (Mirror)

The Toffees have opened talks with Barcelona over a shock deal to sign their right-back Douglas. (Metro)

Martinez says he has no intention of losing striker Kevin Mirallas. (Mail)

Liverpool are lining up a shock move to sign Mirallas. (Metro)

Ondrej Duda, the Legia Warsaw midfielder, could be on his way to Merseyside after the Slovakia international caught the eye of Everton scouts. (Mail)

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Hull City

Steve Bruce has been keeping tabs on Steven Fletcher‘s future at Sunderland with the Hull manager ready to swoop for the striker. (Sun)

Sunderland and Leicester are interested in signing out-of-favour Hull City defender Curtis Davies. (Mail)

Bruce is plotting yet another raid on Tottenham as he lines up a January bid for Aaron Lennon. (Mirror)

Hull have recalled Yannick Sagbo from his loan at Wolverhampton Wanderers. (Sky Sports)

Hull are planning to hold contract extension talks with Paul McShane, Liam Rosenior, Stephen Quinn and Alex Bruce. (Sky Sports)

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Leicester City

Leicester and Liverpool have both been linked with a January swoop for striker Jermain Defoe. (Guardian)

City, meanwhile, are also on the brink of signing veteran goalkeeper Mark Schwarzer from Chelsea. (Star)

Leicester City have made a £7.5m bid for Burnley striker Danny Ings. (Mail)

West Brom could join Leicester, Newcastle and German club Wolfsburg in the race to sign Ings. (Sun)

Leicester have joined Burnley in the race to sign unsettled £5m-rated Crystal Palace striker Dwight Gayle. (Mirror)

Celtic striker Kris Commons could make a Premier League move in January, with Leicester and West Brom interested in signing him. (Sun)

Leicester and Sunderland are interested in signing out-of-favour Hull City defender Curtis Davies. (Mail)

The Foxes have had a £7m bid for HNK Rijeka striker Andrej Kramaric, a target for Chelsea and Tottenham, rejected. (Express)

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Liverpool

Liverpool are considering a move to sign Valencia striker Paco Alcacer. (Marca)

After Steven Gerrard’s bombshell, Raheem Sterling is expected to sign a five-year contract by the end of the month. (Telegraph)

Liverpool are already considering re-signing captain Steven Gerrard on loan next year at the end of the MLS season. (Telegraph)

LA Galaxy will offer Gerrard £20m salary to join – the same amount they paid David Beckham. (Mirror)

Former United manager David Moyes, meanwhile, says Gerrard would be welcome at his La Liga side Real Sociedad. (Mail)

Liverpool face £20m fight with Tottenham to sign striker Saido Berahino from West Brom. (Sun)

Liverpool could also sign former Spurs frontman Jermain Defoe to boost their attacking options. (Telegraph)

Liverpool are preparing a bid for Bayern Munich midfielder Xherdan Shaqiri, 23. (Metro)

The Reds look set to lose out to Arsenal in their pursuit of PSG striker Edinson Cavani. (Express)

Steven Gerrard, who will leave Liverpool at the end of the season, is wanted by LA Galaxy and two other MLS teams. (Mirror)

Liverpool and Tottenham target Saido Berahino could be available for £14m. (talkSPORT)

The Reds are considering recalling midfielder Jordon Ibe from his loan spell at Derby. (Liverpool Echo)

Rodgers predicts a quiet transfer window for his side. (Telegraph)

Liverpool want to sign Villarreal’s 21-year-old Argentine striker Luciano Vietto, described as the “new Sergio Aguero”. (Mirror)

West Brom have denied that Saido Berahino is on his way to Liverpool in January. (Express)

AC Milan have told Arsenal and Liverpool that striker Stephan El Shaarawy, 22, will cost £11.5m if they want to sign him in January. (Express)

Liverpool and Manchester City are set to go head-to-head for the signing of Saint Etienne midfielder Rayan Souici, 16 (Metro)

Liverpool and Tottenham Hotspur could miss out on Jackson Martínez after Roma emerged as favourites to sign the Porto striker. (Express)

Fabio Borini could be offered to Lazio, along with £8m, as Brendan Rodgers looks to secure midfielder Ogneyi Onazi. (Star)

Martin Odegaard, the 16-year-old Norwegian international, is ready to turn down offers from Arsenal, Liverpool, Manchester City and Manchester United in favour of a move to Southampton, according to reports in Norway. (Express)

Brendan Rodgers, the Liverpool manager, is understood to be very close to signing Saido Berahino, the West Bromwich Albion striker, in a deal worth £23.5m. (Metro)

Liverpool transfer news – all the latest stories and rumours

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Manchester City

City could lay out £45m to bring in Everton midfielder Ross Barkley which would provide Roberto Martinez with funds for a complete overhaul. (Mail)

Manchester City want to solve their striker crisis by bringing in Villa striker Christian Benteke. (Sun)

City have also been linked with a £25m move for Swansea frontman Wilfried Bony. (Mirror)

Real Madrid defender Pepe is a transfer target for Manchester City and Manchester United. (Sports Mole)

Atletico Madrid claim they have turned down an offer from Manchester City for 19-year-old defender Jose Gimenez. (Mirror)

Liverpool and Manchester City are set to go head-to-head for the signing of Saint Etienne midfielder Rayan Souici, 16. (Metro)

Serbian defender Matija Nastasic is set to leave City and join German side Schalke. (MEN)

Martin Odegaard, the 16-year-old Norwegian international, is ready to turn down offers from Arsenal, Liverpool, Manchester City and Manchester United in favour of a move to Southampton, according to reports in Norway. (Express)

Manchester City continue to look in to the viability of signing Lionel Messi in a £200m deal. (Mail)

City are preparing a £25m bid for Atletico Madrid striker Mario Mandzukic. (Star)

Stoke have made an £8m bid to beat Arsenal, Chelsea and City to Rennes starlet Paul-Georges Ntep in January. (Express)

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Manchester United

United will look to Borussia Dortmund’s Mats Hummels and Schalke’s Benedikt Howedes to bolster their defence during the window. (Express)

Radamel Falcao could leave Old Trafford to join Juventus when his season-long loan deal runs out in the summer. (Mirror)

United target Arjen Robben looks set to land a new deal at Bayern Munich with the German champions considering offering the Dutchman in excess of the £180,000-a-week contract he signed last year. (Star)

United have joined Chelsea in keeping tabs of Real Madrid defender Raphael Varane. (Marca)

United’s pursuit of Gareth Bale looks to be over with the Welshman closing in on a new and improved deal at Real Madrid. (Express)

Arsenal look set to beat United to Ipswich’s £10m-rated 18-year-old midfielder Teddy Bishop. (Sun)

Manchester United are planning a bid in excess of £70m for Juventus midfielder Paul Pogba. (Express)

Real Madrid defender Pepe is a transfer target for Manchester City and Manchester United. (Sports Mole)

Louis van Gaal wants to sign Everton right-back Seamus Coleman, 26, for around £20m. (Guardian)

Manchester United will reject a bid from Juventus for Juan Mata. (Express)

The Old Trafford club are weighing up a bid for Aston Villa defender Ron Vlaar. (Express)

Everton have told Manchester United that right-back Seamus Coleman is not for sale (Irish Independent)

Real are lining up a move for Radamel Falcao in the summer, if his deal at Old Trafford is not made permanent (Metro)

United striker Javier Hernández will be offered to AC Milan in exchange for centre-back Adil Rami once the Mexican’s loan spell at Real Madrid has ended in the summer. (Express)

United and Tottenham must qualify for the Champions League if they are to stand a chance of signing Memphis Depay, the PSV Eindhoven winger. (Express)

Martin Odegaard, the 16-year-old Norwegian international, is ready to turn down offers from Arsenal, Liverpool, Manchester City and Manchester United in favour of a move to Southampton, according to reports in Norway. (Express)

Manchester United are considering a £25m bid for Seamus Coleman, the Everton right-back, who is also being tracked by Chelsea. (Daily Star)

United are understood to be interested in signing Virgil van Dijk, the Celtic defender, though face competition from Arsenal, Liverpool and Tottenham Hotspur. (Express)

Manchester United transfer news – all the latest stories

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Newcastle United

Yohan Cabaye looks set for a return to Newcastle with PSG keen on a cash and swap deal for Moussa Sissoko. (People)

Hatem Ben Arfa has all but agreed a deal to return to France aand join Nice. (Express)

Fabricio Coloccini, the Newcastle defender, is in the frame for the job at St James’ Park after Alan Pardew left the club. (Independent)

Crystal Palace are preparing to make a formal approach for Pardew, the Newcastle United manager, but will have to pay hefty compensation with the Londoner having five years left on his contract. (Northern Echo)

West Ham face a battle to hold on to centre-back James Tomkins with Newcastle interested in the 25-year-old. (Times)

West Brom could join Leicester, Newcastle and German club Wolfsburg in the race to sign Burnley striker Danny Ings. (Sun)

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Queens Park Rangers

Adel Taarabt, the QPR midfielder, has turned down a move to Serie A side Atalanta in the hope that AC Milan make a bid. (Mail)

Harry Redknapp is eyeing a January move for Manchester City winger Scott Sinclair. (Mirror)

Striker Jermain Defoe has flown back to London to resolve his future – and is eyeing a move to Queens Park Rangers. (Telegraph)

QPR are confident they will agree terms to double Charlie Austin’s wages in a new contract in the new year. (London Evening Standard)

QPR would be interested in taking West Ham’s troubled midfielder Ravel Morrison on loan. (Telegraph)

Redknapp has again been tipped to sign free agent Lassana Diarra. (West London Sport)

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Southampton

Southampton will make defender Ryan Bertrand’s loan move to the club from Chelsea a permanent switch in the summer. (Setanta)

Arsenal and Tottenham will battle it out for the signature of Southampton midfielder Morgan Schneiderlin. (Squawka)

Martin Odegaard, the 16-year-old Norwegian international, is ready to turn down offers from Arsenal, Liverpool, Manchester City and Manchester United in favour of a move to the south coast club, according to reports in Norway. (Express)

Southampton have reached a deal to sign the Holland winger Eljero Elia from Werder Bremen. (Telegraph)

Saints are plotting a move for Wesley Sneijder from Galatasaray to stop their season unravelling. (Mirror)

Ronald Koeman insists Tottenham target Morgan Schneiderlin is not for sale. (Mail)

Tottenham are planning a squad overhaul as they eye Schneiderlin and Jay Rodriguez. (Mirror)

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Stoke City

New manager Tony Pulis is interested in signing Stoke City striker Peter Crouch, 33. (Mirror)

Stoke have made an £8m bid to beat Arsenal, Chelsea and Manchester City to Rennes starlet Paul-Georges Ntep in January. (Express)

Despite being linked with a move to QPR, Stoke are hopeful striker Peter Crouch will stay with the club. (Stoke Sentinel)

Stoke are the latest club to be linked with a loan move for Joel Campbell. (Mirror)

Charlie Adam is open to the possibility of a move abroad amid links to Real Sociedad. (Mail)

Liverpool are continuing to look at Chelsea’s Petr Cech and Stoke’s Asmir Begovic as a replacement for keeper Simon Mignolet. (Mail)

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Sunderland

Arsenal boss Arsene Wenger wants Yaya Sanogo, 21, to join a Premier League club on loan, with Aston Villa, Crystal Palace and Sunderland all interested. (Star)

Gus Poyet is hoping to strengthen his attack next month by signing Burnley striker Danny Ings. (Star)

Sunderland and Leicester are interested in signing out-of-favour Hull City defender Curtis Davies. (Mail)

Ezequiel Muñoz, the Palermo defender who can play centre-back and right-back, is being watched by Sunderland who will have to pay around £4m. (Mail)

Sunderland set to make a renewed move for Liverpool’s Fabio Borini. (Mail)

Napoli are the latest Serie A side to be linked with a move for Sunderland midfielder Emanuele Giaccherini. (Sunderland Echo)

AC Milan striker Giampaolo Pazzini is being offered to Premier League clubs, with QPR, Sunderland and Aston Villa all interested. (Mirror)

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Swansea City

Manchester City have started negotiations over a £25m move for Wilfried Bony, 26, from Swansea (Mail)

Portugal striker Nelson Oliveira will join Swansea until the end of the season. (ESPN)

Ezequiel Muñoz, the Palermo defender who can play centre-back and right-back, is being watched by Swansea who will have to pay around £4m for the 24-year-old Argentine. (Mail)

Swansea are lining up a January move for Atletico Madrid striker Leo Baptistao. (Mirror)

Garry Monk says Wilfried Bony will not leave the club in January. (BBC)

Swansea have joined Aston Villa, Sunderland and Celtic in the hunt for Canadian midfielder Jay Chapman, who currently turns out for Michigan State in the NCAA. (Mail)

City are lining up a January loan move for Arsenal’s out-of-favour forward Joel Campbell. (Metro)

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Tottenham Hotspur

Adrien Rabiot is close to joining Spurs on a six-month loan deal. (Gazzetta dello Sport)

Tottenham face £20m fight with Liverpool to sign striker Saido Berahino from West Brom. (Sun)

Cruzeiro have been linked with a move for outcast Paulinho, while Aaron Lennon leave the club if anyone lays out £7m. (Mirror

Arsenal and Tottenham will battle it out for the signature of Southampton midfielder Morgan Schneiderlin. (Squawka)

Spurs and Liverpool could miss out on Jackson Martínez after Roma emerged as favourites to sign the Porto striker. (Express)

Tottenham and Manchester United must qualify for the Champions League if they are to stand a chance of signing Memphis Depay, the PSV Eindhoven winger. (Express)

Spurs are understood to be interested in signing Virgil van Dijk, the Celtic defender, though face competition from Arsenal, Liverpool and Manchester United. (Express)

Tottenham and Liverpool have been given a boost in their pursuit of PSG’s Ezequiel Lavezzi, with the French club not willing to offer him a new deal. (Metro)

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West Bromwich Albion

New Tony Pulis will have up to £15m to spend in the January transfer window. (Independent)

Liverpool and Tottenham target Saido Berahino could be available for £14m. (talkSPORT)

Pulis is interested in signing Stoke City striker Peter Crouch, 33. (Mirror)

West Brom have denied that Saido Berahino is on his way to Liverpool in January. (Express)

West Bromwich Albion striker Saido Berahino could be off to Liverpool who are ready to pay £23.5m for the England international. (Metro)

West Brom could join Leicester, Newcastle and German club Wolfsburg in the race to sign Burnley striker Danny Ings. (Sun)

Spurs will make a January move for West Brom striker Saido Berahino. (Sun)

Manager Alan Irvine insists Berahino is not for sale. (BT Sport)

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West Ham United

Winston Reid, the West Ham United defender, could be on his way out of Upton Park with Arsenal planning a £4 million move for the player. (Mail)

West Ham want to offload striker Mauro Zarate to make room for manager Sam Allardyce to bring in new signings. (People)

Allardyce is set to face a battle to hold on to centre-back James Tomkins with Newcastle interested in the 25-year-old. (Times)

David Sullivan has warned West Ham’s Premier League rivals that the club’s first-team stars are not for sale at any price next month. (Mirror)

QPR would be interested in taking West Ham’s troubled midfielder Ravel Morrison on loan. (Telegraph)

Arsenal are willing to sell full-back Carl Jenkinson for £8m, but West Ham are unlikely to meet their valuation. (Star)

Transfer rumours: Top 56 players in the winter window
Your club-by-club January transfer guide
Arsenal transfer rumours
Man Utd transfer rumours
Liverpool transfer rumours
Chelsea transfer rumours

[…]

ACE Cash Express Joins the Green Dot Reload Network, Adding 1,500 Locations

PASADENA, Calif.–(BUSINESS WIRE)–

ACE Cash Express, Inc. (ACE) and Green Dot Corporation (GDOT) have signed a distribution agreement, making ACE an authorized retailer for the Green Dot Reload Network. Beginning this month, any cardholder with a Green Dot Network-enabled prepaid card can now reload cash to their card at any of ACE’s 1,500 locations in 35 states and the District of Columbia. Additionally, in 2015, Green Dot will begin selling other Green Dot-branded products at ACE locations.

Green Dot owns and operates the nation’s largest reload network. More than 200 programs representing millions of cardholders utilize Green Dot’s network for reload services through approximately 100,000 retail locations nationwide. Green Dot’s recent expansion into leading financial services center (FSC) retailers throughout the U.S. has met with strong retailer and consumer demand. In just the past twelve months, Green Dot has gone from no distribution in this important customer channel to now, with the addition of ACE, nearly 3,000 FSC locations coast to coast selling its products and services.

About ACE Cash Express

ACE Cash Express, Inc. is a leading retailer of financial services, including payday loans, installment loans, title loans, check cashing, bill payment, wire transfer, money orders and prepaid debit card services. ACE is the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services. For additional information about ACE Cash Express, visit www.acecashexpress.com.

ACE Cash Express on Twitter and ACE Cash Express on Facebook

About Green Dot Corporation

Green Dot Corporation and its wholly owned subsidiary bank, Green Dot Bank, are focused exclusively on serving Low and Moderate Income American families with modern, fair and feature-rich financial products and services, including prepaid cards, checking accounts and cash processing services distributed through a network of some 100,000 retail stores, neighborhood financial service centers and via digital channels. The Company is headquartered in Pasadena, California with Green Dot Bank located in Provo, Utah.

Green Dot Corporation Contact:

Investor Relations

Green Dot Corporation

Christopher Mammone, 626-765-2427

IR@greendot.com

or

Media Relations

ICR for Green Dot Corporation

Brian Ruby, 203-682-8268

PR@greendot.com

or

ACE Cash Express

Victoria Daugherty, 972-550-5161

Communication Manager

vdaugherty@acecashexpress.com […]

Payday lender ACE Cash Express is hit with a $10M fine


Payday lender ACE Cash Express is hit with a $10M fine

28th July 2014 · 0 Comments

By Charlene Crowell
NNPA Writer

(NNPA) – For the second time in as many years, the Consumer Financial Protection Bureau (CFPB) has fined a major payday lender. On July 10, Director Richard Cordray announced that one of the nation’s largest payday lenders, ACE Cash Express, will pay $10 million in restitution and penalties for directing its employees to “create a sense of urgency” when contacting delinquent borrowers. This abusive tactic was used to perpetuate the payday loan debt trap.

CFPB has ordered ACE Cash Express to provide consumers with $5 million in refunds and the same amount in penalties for its violations. The firm operates in 36 states and in the District of Columbia with 1,500 storefronts, 5,000 associates and online loans.

“We believe that ACE’s aggressive tactics were part of a culture of coercion aimed at pressuring payday borrowers into debt traps,” said Cordray. “Our investigation uncovered a graphic in ACE’s training manual that lays out a step-by-step loan and collection process that can ensnare consumers in a cycle of debt. When borrowers could not pay back their loans, ACE would subject them to illegal debt collection threats and harassment.”

Commenting on CFPB’s actions, Mike Calhoun, president of the Center for Responsible Lending, said, “This enforcement action also confirms what our research found long ago: payday lenders depend on keeping vulnerable consumers trapped in an endless cycle of debt of 300-400 percent interest loans. . . .It’s real, it’s abusive and it’s time to stop.”

CRL research shows that payday loans drain $3.4 billion a year from consumers. Further, CRL has long held that the payday industry preys on customers who cannot repay their loans.

Now, with CFPB releasing an item from ACE Cash Express’ training manual, that contention is proven to be true. The ACE graphic shows how the business model intends to create a debt cycle that becomes increasingly difficult to break and urges its associates to be aggressive.

Across the country, the South has the highest concentration of payday loan stores and accounts for 60 percent of total payday lending fees. Missouri is the only state outside of the South with a comparable concentration of payday stores.

Last year, another large payday lender, the Fort Worth-based Cash America International, faced similar enforcement actions when CFPB ordered it to pay $5 million in fines for robo-signing court documents submitted in debt collection lawsuits. Cash America also paid $14 million to consumers through one of its more than 900 locations throughout the United States, Mexico and the United Kingdom.

On the same day that the CFPB’s enforcement action occurred, another key payday- related development occurred.

Missouri Gov. “Jay” Nixon vetoed a bill that purported to be payday reform. In part, Gov. Nixon’s veto letter states, “allowing payday lenders to charge 912.5 percent for a 14-day loan is not true reform. . . Supporters point to the prohibition of loan rollovers; but missing from the legislation is anything to address the unfortunately all-too-common situation where someone living paycheck-to-paycheck is offered multiple loans by multiple lenders at the same time or is encouraged to take out back-to-back loans from the same lender. . . .This bill cannot be called meaningful reform and does not receive my approval.”

Speaking in support of Gov. Nixon’s veto, Pastor Lloyd Fields of Kansas City added, “The faith community applauds Governor Nixon’s moral leadership in holding lawmakers to a higher standard on payday lending reform. Missourians deserve nothing less.”

On the following day, July 11, the Federal Trade Commission (FTC) fined a Florida-based payday loan ‘broker’ $6.2 million in ill-gotten gains. According to FTC, the firm falsely promised to help consumers get payday loans. After promising consumers to assist them in securing a loan in as little as an hour, consumers shared their personal financial data. However that information was instead used to take money from consumers’ bank accounts and without their consent.

Speaking on behalf of the FTC, Jessica Rich, director of FTC’s Bureau of Consumer Protection, said, “These defendants deceived consumers to get their sensitive financial data and used it to take their money. The FTC will continue putting a stop to these kinds of illegal practices.”

Looking forward, CFPB’s Cordray also sees a need to remain watchful of payday developments.

“Debt collection tactics such as harassment and bullying take a profound toll on people – both financially and emotionally”, said Cordray. “The Consumer Bureau bears an important responsibility to stand up for those who are being wronged in this process.”

This article originally published in the July 28, 2014 print edition of The Louisiana Weekly newspaper.

[…]

Investigation leads to $10M settlement with payday lender ACE Cash Express

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Investigation leads to $10M settlement with payday lender ACE Cash Express

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Published: July 17,2014

Tags: ACE Cash Express, banking, Business, finance, Mississippi, NEWS, payday check

The Consumer Financial Protection Bureau cited this graphic from an ACE Cash Express training manual to show the short-term lender seeks to entice borrowers into a cycle of debt.

Texas-based ACE Cash Express, a large payday lender with a franchise store in Hattiesburg, has been hit with $10 million in penalties from the fledgling Consumer Financial Protection Bureau.

ACE Cash Express, CFPB Director Richard Cordray charges, was “relentlessly overzealous” in pursuit of overdue borrowers. ACE Cash Express unlawfully called employers of tardy borrowers and threatened borrowers with lawsuits and criminal prosecutions

ACE Cash Express is the largest owner and operator of check cashing stores in the United States and the second largest payday lender.

» READ MORE: State regulators probe All American Check Cashing on suspicion of violating loan rollover law

ACE Cash Express and other payday lenders require borrowers to be employed, have a bank account and show proof of receiving regular paychecks. They must leave a post-dated personal bank check for the principal and fees as security.

Director Cordray said the intimidation used by ACE Cash Express was “part of a culture of coercion aimed at pressuring payday borrowers into debt traps.”

That trap, and the linear progression of how that should occur, was detailed in a graphic included in a company training manual. The CFPB cited the graphic as evidence of a coordinated strategy to trap borrowers in the cycle of compounding debt.

After applying sustained pressure, ACE would offer to relieve the pressure by encouraging the delinquent borrower to pay off existing loans by taking out yet another payday loan, Cordray said.

“Each time, ACE would collect another round of expensive fees, and the borrower would sink even deeper into debt,” he added. “This vicious cycle of debt drained hard-earned dollars from cash-strapped consumers who had few, if any, options available to fight back.”

In a company statement last week, ACE Cash Express said a review by hired firm Deloitte Financial Advisory Services “indicated” that more than 96 percent of ACE’s calls during the review period met collections standards. It noted, however, that it has since quit using outside collection agencies and has stepped up monitoring of its own collections calls.

ACE also denied making rollover loans. “A customer with a delinquent account is not allowed to take out another loan with ACE until the previous loan is paid off,” spokesman Eric Norrington insisted.

Addressing the Deloitte review, CFPB spokesman Sam Gilford said his agency found “methodological flaws that rendered findings suspect.”

Regardless, Gilford added, “The Bureau has a much lower threshold than ACE does for what constitutes an acceptable rate of consumer law violations.”

The action against ACE is actually a “settlement” by which the company agrees to pay the financial penalties without admitting wrongdoing, the agency says. “We’ve put them under an order so they don’t engage in these unlawful practices again,” said Lucy Morris, CFPB enforcement director, in a teleconference with reporters.

The order for ACE to repay $5 million to borrowers and $5 million in federal fines comes slightly more than a year after the CFPB levied over $14 million in penalties against large-scale payday lender Cash America.

The CFPB found that Cash America violated the Military Lending Act by illegally overcharging service members and their families. The penalties included an order for Cash America to pay up to $14 million in refunds to consumers. These violations and the destruction of records in advance of the Bureau’s examination brought a $5 million fine.

The CFPB, created under the Dodd Frank Wall Street Reform and Consumer Protection Act, has authority to oversee the payday loan market and is a clearinghouse for complaints on collections practices y the short-term lenders.

The agency has issued white papers the last two springs that detail disturbing trends in payday lending practices across America. The newest report, issued in late March, found that four out of five payday loan are rolled over or renewed within 14 days.

The study also found that three of out of five payday loans are made to borrowers whose fee expenses exceed the amount borrowed. This occurs through loan renewals, or rollovers, a designation the CFPB gives any low-dollar loans from the same lender to the same borrower within 14 days of each other.

Further, the study found, four out of five payday borrowers who renew end up borrowing the same amount or more. They do this at least once a year, according to the CFPB.

The conclusions CFPB reached in its investigation of ACE Cash Express are hardly a news bulletin for those who follow the payday lending sector, said Diane Standaert , legislative counsel for the Center for Responsible Lending, a North Carolina-based non-profit organization created to combat predatory lending.

“I think it means what we’ve known for a long time in that the core of the business model is keeping borrowers trapped in a cycle of debt,” Standaert said.


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CFPB Moves Against Payday Loan Industry, Orders ACE Cash Express To Pay $10 Million

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In another sign that the payday loan industry is increasingly under siege, the CFPB today reached a settlement with one of the nation’s largest payday lenders for $10 million over its illegal debt collection tactics.

The lender, ACE ACE Cash Express, “used false threats, intimidation, and harassing calls to bully payday borrowers into a cycle of debt,” said CFPB Director Richard Cordray. “This culture of coercion drained millions of dollars from cash-strapped consumers who had few options to fight back.”

For example, the CFPB says consumers faced the threat of extra fees, being reported to credit reporting agencies and criminal prosecution if they didn’t make payments. Some collectors repeatedly called consumers, their offices and even their relatives, disclosing information about their loans.

An ACE Cash Express storefront in North Carolina. (Sonny Hedgecock/AP)

A graphic pulled from the ACE Cash Express training manual shows how new employees were taught to contact the customer after he or she “exhausts the cash and does not have the ability to pay.” Employees were instructed to “create a sense of urgency” when calling delinquent borrowers.

Of the $10 million total that is owed, $5 million will be paid to consumers in the form of refunds and $5 million will be paid as a penalty to the CFPB. ACE Cash Express is also ordered to end illegal debt collection threats and harassment and stop pressuring borrowers into taking out repeated loans.

The payday loan industry is estimated to make over $3 billion a year.

A statement from ACE Cash Express says the allegations relate to practices prior to March 2012 and they have cooperated with the CFPB to implement recommended changes. They offer payday loans online and in storefronts across 36 states and DC.

Payday loans, which provide borrowers with quick access to cash, are widely criticized for their ultra-high interest rates, short repayment periods and predatory practices.

“Payday loans are designed to create a debt trap,” says Diane Standaert, senior policy counsel at the Center for Responsible Lending. “They are marketed as a quick financial fix, but in reality leave people in a worse financial position than when they started.”

The CFPB, which was the first federal regulator to oversee the payday loan industry starting in 2012, began collecting consumer complaints about payday loans last fall and is in the “late stages” of working on rules for the industry. This is the second enforcement action it has taken against a big payday lender, and the first time it has used the Dodd-Frank provision against abusive practices that take “unreasonable advantage” of consumers.

States like Illinois have recently taken action against payday lenders, and a federal probe dubbed “Operation Choke Point” has gone after them too. A recent report from KPMG’s financial services regulatory practice warns that payday lenders will face “heightened regulatory scrutiny” at both the state and federal level.

Move up http://i.forbesimg.com tMove down Why It Could Pay To Get A Credit Card From Your Regular Bank Lauren Gensler Forbes Staff Public Pensions Finance Payday Lenders Edward “Ted” Siedle Contributor […]

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