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WASHINGTON any office associated with Comptroller for the Currency announced today that Eagle National Bank has signed A consent purchase directing 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 finding that Eagle was at product noncompliance with a youthful Memorandum of Understanding entered into with all the OCC and was involved in many unsafe and activities that are unsound.
The action follows a present study of eagle in that the OCC determined that:
- The financial institution had risked its monetary viability by focusing in one type of businessРІР‚вЂќpayday lending;
- The lender relinquished guidance for the system to an individual third-party originator of payday loans; and
- The payday financing system had been carried out for an unsafe and unsound foundation, in breach of a multitude of criteria of secure banking, conformity needs, and OCC guidance.