They had gotten out with it until 2002 when, under pressure from Cooper, the federal company with the Controller of the Currency proclaimed it was illegal for national banks–which the OCC regulates–to “rent” their unique charters in that way. Work of Thrift Supervision furthermore acted to stop nationwide thrifts from renting their own charters.
Enjoying through the sidelines, however, Advance American did not. Republic financial & Trust doesn’t would any payday financing in Louisville, but it could, and AA’s legal argument is the fact that it cannot be stopped from “exporting” what exactly is appropriate in Kentucky to your other state. Continue reading