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Federal Trade Commission
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Eagle National ordered to stop payday-loan deals, U.S. regulators told the Upper Darby bank to cease funding the high-interest advances, saying the business was unsound.
The U.S. government is forcing Eagle National Bank in Upper Darby to stop funding high-interest "payday loans"through a chain of check-cashing outlets, saying the business is unsound and could result in claims on the government fund that insures bank deposits. The "Cash 'Til Payday"loans, which are offered in 40 states through the outlets operated by Dollar Financial Group Inc., of Berwyn, have gone from about $3 million.
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