Feds Order Suspension Of MetaBank iAdvance Loans
MetaBank, based in Storm Lake, Iowa, will no longer offer iAdvance loans on prepaid debit cards after federal regulators determined the product constituted 'unfair or deceptive acts or practices.'
The bank disclosed the action in a filing last week with the Securities and Exchange Commission.
The National Consumer Law Center said the Office of Thrift Supervision suspended what amounted to 650 percent payday loans.
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