Republic Bank & Trust (ticker:RBCAA) says that it has reached an agreement with the FDIC to terminate their refund anticipation loan (“RAL”) program after the end of the next tax season.

Prior to this morning’s 8-k, Republic and the FDIC were on course to settle their disagreement about (more…)

Republic Bank (“RBCAA”)says that revenue from its two largest tax refund partners, Jackson Hewitt and Liberty Tax, accounted for almost sixty percent of total revenue in its Tax (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…)

Republic Bancorp published a very upbeat update on its early tax season results (see 8-k here).  Republic says that TRS managed to increase net income within its Tax Refunds Solution division by 70 percent, compared to the same period in 2010, due to higher RAC volume, lower-than-expected default rates, and higher RAL margins.

Republic said that it sold 62 percent more RACs through the first two months of 2011, (more…)

Ohio Valley Bancorp‘s Board of Directors has decided to close down its refund anticipation says the FDIC has recommended the bank to wind down its refund anticipation loan business.  Ohio Valley released the news in an 8-k this morning, although the communication from the FDIC arrived on Feb. 3rd.

There is an interesting wrinkle in the language. Whereas Republic’s 8-K describes a “Notice of Charges for an Order to Cease and Desist,” Ohio Valley’s explanation is more tepid. In their document, it says that the bank received a (more…)