CFPB says payday lender hid free repayment plans

By Sarah Jarvis (July 12, 2022, 9:21 p.m. EDT) — The Consumer Financial Protection Bureau on Tuesday filed a lawsuit in Texas federal court against a privately owned payday lender for allegedly concealing repayment plans freebies to troubled borrowers and lying about the number of times he would try to debit borrowers’ bank accounts for loan repayment and fees.

The CFPB said in its complaint that Irving, Texas-based Populus Financial Group Inc. — one of the nation’s largest payday lenders, which does business as ACE Cash Express Inc. — was engaged in unfair, deceptive and abusive acts by concealing a refund plan option from consumers who indicated they could not…

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