USHCC Responds to ACE Settlement with CFPB

WASHINGTON, July 10, 2014 (GLOBE NEWSWIRE) -- The United States Hispanic Chamber of Commerce (USHCC) today issued a statement on the settlement ACE Cash Express, Inc., a leading retailer of financial services, has reached with the Consumer Financial Protection Bureau (CFPB) regarding ACE's collection practices in early 2012. The allegations were levied against a subset of collections employees, all of whom have either received disciplinary action or are no longer employed by ACE.

"The USHCC congratulates ACE for settling with the CFPB, a move that allows ACE to continue focusing its efforts on providing customers with the type of world-class financial services the company has delivered for nearly 50 years," said USHCC President & CEO Javier Palomarez. "Over the past two years, ACE has cooperated with the CFPB and implemented recommended changes. From hiring independent legal compliance analysts, to terminating third-party affiliations questioned by the CFPB, creating quarterly employee compliance trainings, and restructuring its collections department to include further oversight, ACE has been compliant, transparent, and proactive in its efforts to ameliorate these concerns."

Deloitte Financial Advisory Services, LLP, led a review of ACE's collection practices, and found that more than 96 percent of ACE's calls complied with collection standards. With more than 40 million customer visits a year, ACE voluntarily records consumer transactions to ensure optimal customer satisfaction.

"ACE has been a strong partner of our association," said USHCC Chairman Marc Rodriguez. "Our membership has benefited from its services. We applaud ACE for putting its customers first, and deciding to settle this matter."

About the USHCC

Founded in 1979, the USHCC actively promotes the economic growth and development of our nation's entrepreneurs. The USHCC advocates on behalf of nearly 3.2 million Hispanic-owned businesses, that together contribute in excess of $468 billion to the American economy, each year. As the leading organization of its kind, the USHCC serves as an umbrella to more than 200 local chambers and business associations across the nation, and partners with more than 220 major corporations.

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CONTACT: Ammar Campa-Najjar Associate Director of Communications 619-721-5148Source:United States Hispanic Chamber of Commerce