Meta Bank Needs Fed OK to Offer Tax Products

Meta Bank logoRegulators have ordered MetaBank, a subsidiary of Meta Financial, to get regulatory approval before offering a wide range of credit products, including income tax refund application loans and assisted tax refund transfers. In a statement filed with the SEC, however, the company it expected to continue its relationships with third parties although it cannot ascertain any expected adverse impact on its lending businesses. The bank was also hammered by the Office of Thrift Supervision for engaging in unfair or deceptive practices and ordered to immediately discontinue its iAdvance program.

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