People have a lot of questions about the OCC's directive to make HSBC end their Settlement Products Agreement with H&R Block.
Here are a few:
- Why did the OCC do it?
- Will the FDIC do the same thing?
- Will H&R Block be able to come up with a substitute means of helping their customers settle the cost of their tax preparation fees?
HSBC reports that the OCC required them to terminate their contract, known as the HSBC Settlement Products Program, on Christmas Eve. Block's 8-K reports that the OCC directive required HSBC to immediately stop providing any form of refund anticipation loans and refund