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2 minutes read
As reported today, 12/9/11, Republic Bank has settled with the FDIC to shut down it’s Refund Anticipation Loan (RAL) Business. As part of the settlement, Republic will pay a $900,000 fine, and completely shut down the RAL by April 30th, 2012.
3 minutes read
Last week H&R Blocks stocks plummeted to the lowest they’ve been since 2001, after news that the national chain may not be able to offer Refund Anticipation Loans (R.A.L.) for the upcoming tax season. More recently the stocks are teetering up and down as news about their legal dispute with H.S.B.C., the bank they use to offer Refund Anticipation Loans, continues to be discussed.
4 minutes read
Jaskson Hewitt–the 2nd largest tax preparation business behind H&R Block–has lost over 50% of their Refund Anticipation Loan (RAL) funding for the 2010 tax season. Due to regulatory crackdowns, the bank that funded Jackson Hewitt’s RAL program–Pacific Capital Bankcorp Inc.–was blocked by the Office of the Comptroller, and ordered to leave the RAL business.
“It’s potentially disastrous for Jackson Hewitt,” said Vishnu Lekraj, an analyst at Morningstar Inc. “If they lose the ability to provide...