FDIC Swamps Republic with RAL Charges

Republic BankThe Federal Deposit Insurance Corp. has swamped Republic Bank with charges of violating federal regulations regarding truth in lending and safe banking practices after sending bank examiners on hundreds of visits during tax season. The charges are aimed at punishing the bank for its offering Refund Anticipation Loans during the tax season after the FDIC declared RALS to be unsafe banking practices. The agency seeks a $2 million monetary penalty, pending a hearing.

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