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NCLC: Banking Regulator Slams Urban Trust Bank, Issuer of Prepaid Credit Card Payday Advances

NCLC: Banking Regulator Slams Urban Trust Bank, Issuer of Prepaid Credit Card Payday Advances

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Sep 24, 2012, 10:46 ET

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OCC Finds Legal Violations and Unsafe Banking Techniques

the federal government overseer of big banking institutions, any office associated with the Comptroller regarding the Currency (OCC), has discovered “violations of legislation and laws and unsafe and banking that is unsound” by Florida -based Urban Trust Bank (UTB), the issuer regarding the Insight prepaid cards utilized by the payday lender CheckSmart to evade state payday and usury laws and regulations. The nationwide customer Law Center (NCLC) detailed extensive appropriate issues with the financial institution’s prepaid credit card pay day loans in a page delivered by NCLC, the middle for Responsible Lending, as well as the customer Federation of America towards the OCC in might. (altro…)