WASHINGTON- Eagle National Bank has signed a Consent Order with the Office of the Comptroller of the Currency (OCC) directing it to cease all payday lending activities. Eagle has been engaged in payday lending through arrangements with Dollar Financial Group.
The OCC acted after finding that Eagle was in material noncompliance with an earlier Memorandum of Understanding and was engaged in numerous unsafe and unsound activities. A recent examination determined that :
The bank had risked its financial viability by concentrating in one line of business-payday lending;
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