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Feb. 9, 2015, 12:48 PM
- Complaining that payday lenders have become too expert at working their way around state laws aimed at clamping down on usurious short-term loans, the Feds are about to get involved for the first time, with the CFPB set to release a first draft of rules targeting payday lenders.
- At the center of the new regulations - a requirement that lenders assess whether borrowers can actually repay the loans at the end of their short periods. The data suggest few can, which leaves borrowers with no choice but to roll over loans, accept new fees, or taking out new loans altogether. The CFPB found borrowers took out a median of 10 loans over a 12-month period, with median fees of $458, median amount borrowed of $350M. More than 80% of loans were rolled over or renewed within two weeks - manna to the lenders, and the bureau is now taking dead aim.
- World Acceptance (WRLD -2.4%), Cash America (CSH -1%), Regional Management (RM -1.3%), First Cash Financial (FCFS -0.7%)
Aug. 20, 2013, 2:34 PM
- Cash America International (CSH +7.6%) soars after Janney Montgomery upgrades the shares to Buy from Neutral.
- The stock currently trades at an "excessive discount" as the market has more than priced in "the risk of negative payday regulation."
- Price target is $49.
- Peers trading higher include FCFS +1.9% and WRLD +2.8%,
Jun. 26, 2013, 12:45 PM
Sep. 26, 2011, 11:07 AM
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