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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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OCC Finds Legal Violations and Unsafe Banking Methods

WASHINGTON , Sept. 24, 2012 /PRNewswire-USNewswire/ — the federal government overseer of big banking institutions, any office of this 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 associated with the Insight prepaid cards utilized by the payday lender CheckSmart to evade state payday and usury regulations. The nationwide customer Law Center (NCLC) detailed considerable appropriate issues with the lender’s prepaid credit card payday advances in a page delivered by NCLC, the middle for Responsible Lending, and also the customer Federation of America to your OCC in might.