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The Consumer Financial Protection Bureau's plans for revamping payday lending set off a fierce debate Thursday over whether the agency had gone too far or not far enough, proving that this is likely to be one the trickiest rulemakings the agency will ever attempt.
March 26 -
After releasing successive studies on the payday industry over the past two years, the Consumer Financial Protection Bureau is finally set to unveil Thursday sweeping proposals that could fundamentally change the business of short-term loans and other products
March 26 -
Bankers are mulling new ways to serve consumers with low incomes and poor credit profiles after the crackdown on deposit advances, but the prospect of smaller profits and continuing uncertainty about regulations may dissuade a serious effort.
February 19
World Acceptance in Greenville, S.C., one of the largest providers of installment loans, said that its longtime chairman and chief executive will retire in September.
Alexander "Sandy" McLean III
McLean was named CEO in 2006, and chairman in 2007. He joined the company as chief financial officer in 1989.
McLean's retirement announcement comes amid increased scrutiny by the Consumer Financial Protection Bureau of the type of installment lending that performs by World Acceptance and other nonbank lenders. The CFPB in March announced proposed rules for nonbank lenders, limiting how often loans could be rolled over to generate interest payments.
Installment lenders have faced criticism from consumer-advocacy groups for making loans that carry annual percentage rates of up to 200%, according to a