Republic Bancorp Inc. in Louisville, Ky., plans to continue making tax refund loans despite pressure from the Federal Deposit Insurance Corp., the company's chief executive said last week.
Steve Trager, who is also the $3.4 billion-asset company's president, made the statement during an appearance at InvestKentucky, an annual forum for public companies, according to Tuesday's online edition of the Louisville Business First.
Republic has been at odds with the FDIC for months. The agency earlier this year ordered Republic to stop making refund anticipation loans, calling them unsafe.
Republic has challenged the decision — and an impromptu FDIC examination — in federal court and has requested an administrative hearing on the matter.
The FDIC recently proposed assessing the company with a $2 million fine related to its refund anticipation loan programs.
