Consumer groups — the Consumer Federation of America, National Consumer Law Center, and Community Reinvestment Association of North Carolina — applaud the announcement that the FDIC has notified Republic Bank & Trust of Kentucky that the bank's high cost refund anticipation loans are unsafe and unsound.
The loans are short-term loans that are paid back from a tax refund.
For more information, see my WalletPop's Consumer Ally article "Feds Warn Bank Making Tax Refund Anticipation Loans That They're Unsafe."
