In an 8-k released this morning, Republic Bancorp reported that its ALJ hearing with the FDIC is now scheduled for Feb. 6th, 2012.

The hearing with an administrative law judge is the first step in settling a disagreement between the FDIC and Republic over their refund anticipation loan (“RAL”) program. The FDIC issued a guidance earlier this year which included an (more…)

Republic Bank announced an extension of its program agreement with Jackson Hewitt in an 8-k released after market close on Friday.

The new agreement extends the ongoing agreement to provide refund anticipation loans. (more…)

A tax preparer in Texas tells me that Republic is telling its ERO partners that they will be able to offer refund loans for part of the 2012 tax season.

Republic is telling aggregators – the folks that provide middle-path services that help EROS file to the bank – that the FDIC has decided to push back their final hearing with Republic until the first week in February of 2012.

On Friday, I spoke with a Republic salesperson who said that as of last week, they were instructed to tell EROs that they would have bank products in 2012.

A Republic spokesperson emphasized that the most recent 10-q stated that the hearing would take place in September. Republic would indicate any change to that hearing date with the next 10-q, due out before the end of July.

If the hearing is pushed back, then Republic would be able to offer loans through part of the busy (more…)

The FDIC has charged Republic Bank for violations of multiple laws and set a civil money penalty of $2 millions for problems with their refund anticipation loan unit.

Republic Bank faces violations of the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Federal Trade Commission Act, and the Gramm-Leach-Bliley Act. Additionally, (more…)

Jamie Dimon’s 35-page letter to JP Morgan Chase shareholders is an interesting commentary on how his bank has navigated the financial crisis. The letter offers extensive insight into discrete elements of the WaMu acquisition.  Dimon even proffers several surprising opinions about TARP, Dodd-Frank, and the CFPB. While he extends some support for each, he is less than content with either the Durbin Amendment or the new Basel rules.

Tom Brown says that JP Morgan Chase’s letter, penned by Jamie Dimon, is an outstanding letter.

(more…)