Meta Out from Under Consent Order (Aug. 8, 2014)
MetaBank has been released from its Consent Order by the Office of the Comptroller of the Currency (OCC), according to an announcement by the bank’s parent company, Meta Financial Group. The Consent Order, originally issued by the Office of Thrift Supervision in July 2011, was terminated by the OCC effective Aug. 7. The order stemmed from a prepaid card-linked line of credit program run by MetaBank.
While under the Consent Order, Meta made significant improvements to processes and controls and invested heavily in compliance-related infrastructure, while continuing to grow its business and serve customers, the company said.
With the order now in the rearview, MetaBank is looking ahead to the future. “Now that the Consent Order is lifted, we believe our growth prospects are even stronger,” said J. Tyler Haahr, chairman & CEO, Meta Financial Group. Haahr noted that the company now can more easily add new strategic partners and said that it recently added a new prepaid program manager.
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