In another indication that the Trump Administration is taking a vastly different approach at the CFPB, the agency has dropped an investigation of World Acceptance Corp., one of the largest small-dollar loan companies.
The company, which has 1,331 offices in 15 states and Mexico and specializes in instalment loans, said the agency has notified the company that the probe has been completed and no action will be taken against the company.
World Acceptance had indicated in March 2014 that it was the target of a CFPB probe into how it markets and provides loans. And then, in August 2015, the company said that the CFPB staff was considering recommending that the agency take legal action against the company. That notice was intended to allow the company to present its side before the CFPB made a final decision.
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