In case you missed it, here is a copy of a page from the ACE Cash Express training manual.
This document was discovered by the CFPB and published along with news of their enforcement action against ACE. This graphic comes from the "collections new hire training" chapter.
ACE's collectors were in the habit of encouraging borrowers who could not repay a loan to instead take out a new one. "In-house debt collectors cited the company's initial loan approval as evidence that consumers could afford to repay the new loan."
ACE agreed to pay $5 million in refunds to consumers and then another $5 million in penalties based on how the name practices went against rules outlined in the Consumer Financial Protection Act. Going forward, ACE will also be obligated to submit to a smorgasboard of compliance rules.
A gem from the report:
One of ACE's contractors identified itself to debtors as "National Attorney Collection Services." In some cases, they referred to themselves as simply "National Attorney." The inference could have been that the borrower was being sued by an an attorney, but in fact, that was not the case.