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Meta Rules Out RALS and Refund Transfers

Friday, Dec 03 2010
News
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Meta BankMeta Financial Group, which had been expected to fund a refund loan program, has ruled out the possibility of funding loans for the upcoming tax season through its Meta Payments Division. In an SEC filing, the bank reported it had concluded it would be unable to get the necessary federal approval to offer any tax-related programs in 2011. The language Meta used also indicates it would not provide a tax refund transfer program.

Meta is under orders from the Office of Thrift Supervision that it cannot initiate any tax-related lending programs without that office's approval. The company said it could not get OTS approval in time to offer the programs and it has been in discussions "with one of its primary program managers of the tax-related offerings regarding a mutual agreement to terminate the program agreement for the 2011 tax season." That program was terminated on November 30.

None of the third parties was named in the SEC filing. Meta had been expected to provide funds for a RAL program to be offered by Santa Barbara Tax Products Group. For a few weeks that company was accepting applications for a RAL program, but the information was removed from its site after the OTS action was announced. However, SBTPG's Web site still has enrollment information about federal and refund transfer products. Electronic return originators who have not used the company's services before have a January 14 deadline while EROs new to the business have a January 13 deadline.


Bob Scott
Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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