Today President Barack Obama brandished his executive power and defied Republican opposition to name Richard Cordray as the first director of the new Consumer Financial Protection Bureau. Infuriated Republican leaders in Congress say the appointment could be deemed illegal by the courts.

With a leader in place, the consumer watchdog group can begin keeping an eye on the mortgage companies, payday lenders, debt collectors and other financial agencies that are often accused of practices that led to the economy’s downturn. Even before Obama’s announcement in Ohio, Cordray had stated that he intends to start work immediately.

Here’s how payday lender stocks are reacting to the news:

Cash America International, Inc. (NYSE:CSH): CSH shares recently traded at $45.93, down $1.66, or 3.49%. They have traded in a 52-week range of $30.00 to $47.99. Volume today was 286,621 shares versus a 3-month average volume of 231,881 shares. The company’s trailing P/E is 10.99, while trailing earnings are $4.18 per share.

EZCORP Inc. (NASDAQ:EZPW): EZPW shares recently traded at $25.92, down $1.26, or 4.64%. They have traded in a 52-week range of $25.30 to $38.66. Volume today was 486,207 shares versus a 3-month average volume of 477,073 shares. The company’s trailing P/E is 10.67, while trailing earnings are $2.43 per share.

First Cash Financial Services Inc. (NASDAQ:FCFS): FCFS shares recently traded at $34.18, down $0.83, or 2.37%. They have traded in a 52-week range of $29.71 to $52.18. Volume today was 766,820 shares versus a 3-month average volume of 355,344 shares. The company’s trailing P/E is 14.25, while trailing earnings are $2.40 per share.

Advance America, Cash Advance Centers Inc. (NYSE:AEA): AEA shares recently traded at $8.44, down $0.74, or 8.06%. They have traded in a 52-week range of $4.70 to $9.44. Volume today was 1,140,290 shares versus a 3-month average volume of 489,432 shares. The company’s trailing P/E is 9.06, while trailing earnings are $0.93 per share.

Dollar Financial Corp. (NASDAQ:DLLR): DLLR shares recently traded at $17.90, down $0.56, or 3.03%. They have traded in a 52-week range of $15.80 to $24.89. Volume today was 527,880 shares versus a 3-month average volume of 457,232 shares. The company’s trailing P/E is 14.38, while trailing earnings are $1.25 per share.

World Acceptance Corp. (NASDAQ:WRLD): WRLD shares recently traded at $70.47, down $3.23, or 4.38%. They have traded in a 52-week range of $50.12 to $74.95. Volume today was 235,301 shares versus a 3-month average volume of 126,241 shares. The company’s trailing P/E is 11.71, while trailing earnings are $6.02 per share.

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