OCC Sales Eagle to Stop Payday Lending System
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WASHINGTON work regarding the Comptroller associated with the Currency announced today that Eagle National Bank has signed an order that is consent it to stop all payday financing tasks. Eagle happens to be 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 was involved with many unsafe and activities that are unsound.
The action follows a present study of eagle in that the OCC determined that:
The lender had risked its viability that is financial by in one type of businesspayday lending;
The lender relinquished direction associated with the system to an individual originator that is third-party of loans; and
The payday financing system had been carried out on an unsafe and unsound foundation, in breach of a variety of requirements of secure banking, conformity demands, and OCC guidance. […]