The Consumer Financial Protection Bureau (CFPB) recently took action against one of the largest payday lenders in the United States, ACE Cash Express (ACE), for “pushing payday borrowers into a cycle of debt,” according to the press release. The release states the “CFPB found that ACE 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.” The CFPB ordered ACE to pay $5 million in refunds to customers and an additional $5 million penalty, end illegal debt collection tactics and stop pressuring customers into cycles of debt. In prepared remarks, CFPB Director Richard Cordray said, “Debt collection tactics such as harassment and bullying take a profound toll on people — both financially and emotionally. The Consumer Bureau bears an important responsibility to stand up for those who are being wronged in this process.” For more, read the full release and Cordray’s remarks.