Senator Wyden: “What Can Be Done About World Acceptance?”

Senator Ron Wyden (D, OR) asked representatives from the Consumer Financial Protection Bureau (CFPB) what could be done to stop installment loan practices that he says are no better than the payday loans that have been banned in many states. The story was picked up by Herb Greenberg of CNBC who tweeted, “Whoa, in hearings today Senate Cmte on Aging mentions World Acceptance Corp. (NASDAQ:WRLD)  specifically, demands answers.” Senator Wyden’s question was prompted by Paul Kiel’s investigation into installment lending published on Pro Publica in May. He found that installment loans often had effective interest rates of more than 200 percent,…