On February 23, 2024, the U.S. Consumer Financial Protection Bureau (“CFPB”) published an order establishing supervisory authority over installment lender World Acceptance Corporation. The order stated “the CFPB has reasonable cause to determine that the Respondent, World Acceptance Corporation, is a nonbank covered person that is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of one or more consumer financial products or services.”
On this news, World Acceptance Corporation’s stock fell $11.23 per share, or 8.6%, to close at $118.59 per share on February 26, 2024.
