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California Reinvestment Coalition
Republic Bank Targets the Working Poor with Tax Refund Anticipation Loans, Advocates Say
January 3rd, 2009
At this time of widespread economic crisis when many families are experiencing financial hardship, consumer advocates are calling on regulators to prevent banks and tax preparers from making usurious refund anticipation loans which take a big bite out of low-income people's tax refunds. The California Reinvestment Coalition joins 30 consumer groups nationwide at a hearing on Thursday testifying before the Office of Thrift Supervision to oppose Republic Bank's application for a charter in order to merge with Republic Bank & Trust Company. Republic is one of the nation's top providers of refund anticipation loans (RAL). The Kentucky-based bank charges...
Source: Law & Health Weekly (2009-01-03)
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