OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank

OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank

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WASHINGTON any office of the Comptroller regarding the Currency announced today that ACE money Express, Inc., and Goleta nationwide Bank, Goleta, California, signed cease and desist purchases needing them to finish unsafe and unsound lending that is payday and also to spend $325,000 in civil cash charges. ACE is just a third-party supplier for Goleta within the origination, servicing, and number of the pay day loans booked because of the lender. ACE provides payday advances on behalf of Goleta in 18 states additionally the District of Columbia.

ACE consented to end payday financing tasks undertaken through Goleta by Jan. 1, 2003, also to spend $250,000 in charges. Your order additionally forbids ACE from stepping into almost any written or agreement that is oral provide any solutions, including payday financing, to virtually any nationwide bank or its subsidiaries without having the previous approval associated with the OCC. Continue reading “OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank”