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WASHINGTON work of the Comptroller for the Currency announced today that ACE money Express, Inc., and Goleta nationwide Bank, Goleta, California, signed cease and desist purchases needing them to get rid of unsafe and unsound payday financing tasks and also to spend $325,000 in civil cash charges. ACE is really a service that is third-party for Goleta within the origination, servicing, and number of the pay day loans booked because of the lender. ACE provides loans that are payday behalf of Goleta in 18 states plus the District of Columbia.
ACE consented to end lending that is payday undertaken through Goleta by Jan. 1, 2003, also to spend $250,000 in charges. Your order additionally forbids ACE from getting into almost any written or agreement that is oral offer any services, including payday lending, to your nationwide bank or its subsidiaries minus the previous approval regarding the OCC.