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Thu, Mar. 26, 9:58 AM
- "Too many short-term and longer-term loans are made based on a lender's ability to collect and not on a borrower's ability to repay," says CFPB boss Richard Cordray. "The proposals we are considering would require lenders to take steps to make sure consumers can pay back their loans."
- Among the options is a requirement for lenders to determine whether a borrower could repay the entire loan when it is due - rather than just rolling it over - by confirming income and debt. Other possibilities include capping the number of loans a borrower can get in a certain period, and/or capping interest rates and application fees.
- Source: WSJ
- World Acceptance (WRLD -2.7%), Cash America (CSH -4.2%), Regional Management (RM +0.3%), First Cash Financial (FCFS -0.9%).
- Previously: CFPB takes aim at payday lenders (Feb. 9)
Fri, Mar. 6, 3:23 PM
- SAF Capital says discussions with "various market participants" has led it to believe there are "multiple parties interested in acquiring" Cash America (CSH +5.7%) in a "take-private" transaction.
- SAF says it maintains its view that CSH can generate higher returns for shareholders via an aggressive public recapitalization, and says the company is not sufficiently taking advantage of the opportunity to create shareholder value via open market share repurchases.
Mon, Feb. 9, 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%)
Thu, Jan. 29, 6:23 AM
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Dec. 3, 2014, 5:39 PM
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Oct. 23, 2014, 6:24 AM
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Aug. 27, 2014, 7:22 AM
- Cash America (NYSE:CSH) wanted out of Mexico and First Cash Financial (NASDAQ:FCFS) - wanting in - has acquired Cash America's 47 Mexican stores. With the deal FCFS now anticipates adding 85-90 stores in Mexico vs. its target of 65-70.
- Also purchased are Cash America's five stores in Colorado, and a four-store chain in Texas (though it's not clear who the seller of the Texas stores is).
- The combined purchase price for the deals is $28.5M, and assets acquired include $7.5M of pawn loans and $7M of merchandise. FCFS expects nominal earnings accretion from the purchases.
Jul. 24, 2014, 10:34 AM| Comment!
CSH vs. ETF Alternatives
Cash America International Inc provides specialty financial services to individuals through its storefront lending and franchised check cashing locations. It offers pawn lending, consumer loan, check cashing and other financial services.
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