Agency says ACE Cash Express pressured borrowers into taking out loans they couldn’t afford.
Some consumers end up paying more in fees than the amount of money initially borrowed.
Lending company allows clients to take out loans with most anything of value held as collateral.
Four major U.S. banks exit deposit advance business, but might not be gone for long.
Amid increased scrutiny of deposit advances, Regions Bank says it will discontinue Ready Advance.
Issues with closing or managing a bank account made up the bulk of complaints.
Workplace loans serve the same purpose as payday loans, and they can create the same issues.
Federal regulators tell banks and thrifts to assess risks of deposit advance loans.
Consumer advocacy groups ask federal regulators to step up bank scrutiny.
U.S. court stops fake payday loan collectors operating in Cleveland, Atlanta.