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…)

Jackson Hewitt agreed to an amended credit agreement with Wells Fargo on Friday evening. The new “Amended and Restated Credit Agreement” gives JTX another 20 days. It comes with explicit instructions for how Jackson Hewitt spends its money for the duration of the off-tax season period.

Jackson Hewitt has a line of credit with Wells Fargo. No one can be certain how much (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…)