A handful of national banks
essentially rented out their charters to third party payday lenders. The OCC
found a number of abuses in these relationships. Of primary concern was the
inability of small banks to properly oversee the third parties who were making
loans in their names. Among the abuses: deceptive marketing practices, failure
to secure confidential customer files, unsafe and unsound lending. The OCC took
a series of enforcement actions that eliminated these relationships from the
national banking system.
01/31/2003
Peoples
National Bank to Pay $175,000 Civil Money Penalty And End Payday Lending
Relationship with Advance America
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News Release 2003-06
Consent Order -
Peoples National Bank
Consent Order -
Advance America
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01/21/2003
OCC Concludes
Case Against First National Bank in Brookings Involving Payday Lending,
Unsafe Merchant Processing, and Deceptive Marketing of Credit Cards
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Release 2003-03
Consent Order
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10/29/2002
OCC Takes
Action Against ACE Cash Express, Inc. and Goleta National
Bank
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News Release 2002-85 |
WORD ASCII
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Goleta Stipulation |
PDF
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Goleta Consent Order |
PDF
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ACE Stipulation |
PDF
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ACE Consent Order |
PDF
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03/18/2002
OCC Files
Notice of Charges Against People's National Bank of Paris,
Texas
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News Release 2002-26 |
WORD ASCII
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Notice of Charges |
WORD ASCII
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01/03/2002
OCC Orders
Eagle to Cease Payday Lending Program
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News Release 2002-26 |
WORD ASCII
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Fact Sheet |
WORD ASCII
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Consent Order |
PDF |
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Interagency
Statement
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11/27/2000
Agencies Urge
Banks and Thrifts to Evaluate Risks with Vendors Engaged In Practices
Viewed as Abusive To Consumers
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News Release 2000-88 |
WORD ASCII
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Statement |
WORD ASCII
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Advisory letter on payday lending |
WORD ASCII
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Advisory letter on title loans |
WORD ASCII
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