Shares of Cash America International Inc. and other companies that provide “payday loans” tumbled Friday after Cash America withdrew its fiscal 2005 earnings forecast, citing uncertainty over tighter requirements issued last month by the Federal Deposit Insurance Corp.
The Fort Worth, Texas, company also said demand for pawn loans and cash advances hadn’t rebounded from seasonal lows.
Cash America said the FDIC’s new guidance restricts the offering of short-term cash advances by FDIC-regulated banks, including two banks offering such loans through Cash America’s stores.
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