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OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank

OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank

WASHINGTON any office of this Comptroller associated with Currency announced today that ACE money Express, Inc., and Goleta nationwide Bank, Goleta, California, signed cease and desist sales needing them to get rid of unsafe and unsound payday lending tasks and also to spend $325,000 in civil cash charges. ACE is just a third-party supplier for Goleta when you look at the origination, servicing, and number of the payday advances booked by the bank. ACE provides payday advances on behalf of Goleta in 18 states together with District of Columbia.

ACE consented to end payday financing tasks undertaken through Goleta by Jan. 1, 2003, also to spend $250,000 in charges. Your order also forbids ACE from stepping into almost any written or dental contract to offer any solutions, including payday financing, to your nationwide bank or its subsidiaries without having the previous approval associated with OCC. In addition, the cease and desist purchase requires ACE to indemnify Goleta for 100 % of this expenses, costs, appropriate costs, and damages from third party claims.

Those things against ACE had been prompted by a number of facets, including ACE’s failure to guard 641 client loan files. The files, which represented loans that are payday on Goleta’s publications, had been discarded in a trash dumpster in Portsmouth, Virginia in August 2002. Continue reading ‚OCC Takes Action Against ACE Money Express, Inc. and Goleta Nationwide Bank‘

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