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Stock Market & Financial Investment News

News Breaks
March 13, 2014
12:38 EDTWRLDWorld Acceptance receives CID on marketing, lending practices
In a filing, World Acceptance disclosed that on March 12 World Acceptance Corporation received a Civil Investigative Demand from the U.S. Consumer Financial Protection Bureau, CFPB. The CID states that “[t]he purpose of this investigation is to determine whether finance companies or other unnamed persons have been or are engaging in unlawful acts or practices in connection with the marketing, offering, or extension of credit in violation of Sections 1031 and 1036 of the Consumer Financial Protection Act, 12 U.S.C. §§ 5531, 5536, the Truth in Lending Act, 15 U.S.C. §§ 1601, et seq., Regulation Z, 12 C.F.R. pt. 1026, or any other Federal consumer financial law” and “also to determine whether Bureau action to obtain legal or equitable relief would be in the public interest.” The CID contains broad requests for production of documents, answers to interrogatories and written reports related to loans made by the company and numerous other aspects of the company’s business. The company has evaluated the CID and is in the process of providing the information requested to the CFPB. The Company believes its marketing and lending practices are lawful. .
News For WRLD From The Last 14 Days
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January 28, 2016
06:31 EDTWRLDWorld Acceptance reports Q3 EPS $1.70, consensus $2.01
Reports Q3 revenue $139.70M, consensus $143.07M. Net charge-offs as a percentage of average net loans on an annualized basis decreased from 15.5% to 14.6% when comparing the two quarterly periods. The provision for the quarter decreased $2.9 million dollars quarter over quarter. The lower provision benefited from a $3.2 million decrease in net charge-offs, slower loan growth quarter over quarter, and improved delinquencies in Mexico partially off-set by higher delinquencies in the US.

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