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OCC Sales Eagle to Stop Payday Lending System

OCC Sales Eagle to Stop Payday Lending System

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WASHINGTON work associated with Comptroller of this Currency announced today that Eagle National Bank has finalized an order that is consent it to stop all payday financing tasks. Eagle is involved in payday financing through plans with Dollar Financial Group. The OCC acted after discovering that Eagle was at product noncompliance with a youthful Memorandum of Understanding entered into using the OCC and had been involved with many unsafe and unsound tasks.

The action follows an examination that is recent of in that the OCC determined that:

  • The financial institution had risked its monetary viability by focusing in one type of business—payday lending;
  • The lender relinquished guidance associated with system to an individual originator that is third-party of loans; and
  • The lending that is payday ended up being carried out for an unsafe and unsound foundation, in breach of a variety of requirements of secure banking, conformity needs, and OCC guidance.

«Eagle had effortlessly turned throughout the handling of the lender’s primary company to a alternative party, and then practically ignored exactly just exactly how that company had been carried out,» stated Comptroller regarding the Currency John D. Hawke, Jr. «the lender essentially rented out its nationwide bank charter up to a payday lender to be able to facilitate that nonbank entity’s evasion associated with the needs of state legislation that could otherwise be relevant to it.»

OCC examiners carried out a considerable report about the bank’s payday financing tasks, including on-site reviews of Dollar Financial Group loan shops in a number of states.

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Simple tips to combine pay day loans and get free from debt

Simple tips to combine pay day loans and get free from debt

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