NEW YORK – Shares of payday lender World Acceptance dropped in aftermarket trading Monday after the company said the Consumer Financial Protection Bureau expects to bring civil charges against it.
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World Acceptance said the CFPB's enforcement unit expects to allege that the company violated the Consumer Financial Protection Act of 2010. World Acceptance says it believes its marketing and lending practices are legal and that it will have an opportunity to argue that the CFPB shouldn't take action against it.
The CFPB has been investigating World Acceptance's marketing, offering and extension of credit for more than a year.
World Acceptance Corp. stock plunged $12.52, or 24 percent, to $39.28 in aftermarket trading.
Shares of the Greenville, South Carolina-based company have dropped 35 percent in 2015 through the close of regular-session trading Monday.