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ACE Cash Express and Its Shameful Acts

UPDATE (9:44) On its website, ACE makes it impossible to figure out who sits on its board. I turned to Bloomberg, which I linked to below, in stating that Rawlings sits on the board. He hasn’t held that position for five years. My apologies for the error.

ORIGINAL ITEM Jason mentioned in Leading Off this morning that Irving-based ACE Cash Express has agreed to pay $10 million to get the government off its back over the way the company takes advantage of the working poor, using “false threats, intimidation, and harassing calls to bully payday borrowers into a cycle of debt.” Couple of questions. Is Ron Washington still doing ACE Cash ads? He should stop. Next question: when is Mayor Mike Rawlings going to step down from the ACE Cash board? If he’s really sincere about his GrowSouth initiative, he should do it today.

  • SamMerten

    Mayor Mike Rawlings has not served on the ACE Cash Express Board for at least five years.

    Sam Merten
    Manager of Public Affairs and Communications
    Office of Mayor Mike Rawlings

  • Tim Rogers

    Thank you, Sam.

  • benitolynchiago

    Somebody should look into how Irving ISD has allowed ACE into its schools for years to put on supposed business education programs. Which is to say, a public school system serving a largely underprivileged population that is the base of ACE’s abhorrent business model invited the company into its schools and permitted ACE to present itself as a model of business ethics.

  • Amy Severson

    If correct, I wonder if they do it in any of the other school districts? Why stop a developed “business education program” at only Irving ISD? And what did the district(s) receive in return for giving them access to the students?

  • DallasPolitics

    As I recall, Rawlings private equity firm was an important investor in ACE. They helped fund the company, to what extent is unclear. When CIC divested of ACE, Rawlings left the board. My recollection is that this was a business decision, not a political one.

  • tested

    All of these pay day loan places are bad. They had my father-in-law roped into thousands in revolving debt for two years. We helped get him out if it. However, they occasionally hit my wife’s account or his for a random thousand dollar charge that we quickly call and dispute. This is legalized loan-sharking that preys on the poor. It is disgraceful and needs to be outlawed.