Order of Assessment of Civil Money Penalty between Office of Thrift Supervision and MetaBank (July 15, 2011)

Contract Categories: Business Operations › Settlement Agreements
Summary

This order, issued by the Office of Thrift Supervision (OTS), requires MetaBank of Storm Lake, Iowa, to pay a civil money penalty of $400,000. MetaBank has agreed to this penalty through a stipulation and consent process. The payment must be made directly by MetaBank to the U.S. Treasury, and the bank is not allowed to seek reimbursement from any third party. The order is effective as of July 15, 2011, and incorporates the terms of the related stipulation.

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EX-10.5 6 ex10_5.htm EXHIBIT 10.5 ex10_5.htm
Exhibit 10.5

UNITED STATES OF AMERICA
Before The
OFFICE OF THRIFT SUPERVISION

 
)
  
In the Matter of
)
Order No.:    CN 11-27
 
)
  
 
)
  
METABANK
)
  
 
)
Effective Date:    July 15, 2011
 
)
  
Storm Lake, Iowa
)
  
OTS Docket No. 05902
)
  
 
)
  

ORDER OF ASSESSMENT OF A CIVIL MONEY PENALTY

WHEREAS, MetaBank, Storm Lake, Iowa, OTS Docket No. 05902 (Association), by and through its Board of Directors (Board), has executed a Stipulation and Consent to the Issuance of an Order of Assessment of a Civil Money Penalty (Stipulation); and

WHEREAS, the Association, by executing the Stipulation, has consented and agreed to the issuance of this Order of Assessment of Civil Money Penalty (Order) by the Office of Thrift Supervision (OTS), pursuant to 12 U.S.C. § 1818(i); and

WHEREAS, pursuant to delegated authority, the OTS Regional Director for the Central Region (Regional Director), is authorized to issue Orders of Assessment of a Civil Money Penalty where a savings association has consented to the issuance of an order.

NOW, THEREFORE, IT IS ORDERED that:

Payment of Civil Money Penalty.

1.             Effective immediately, the Association is assessed and shall pay the sum of Four Hundred Thousand Dollars ($400,000.00) by tendering a certified check or bank draft made

 
MetaBank
Order of Assessment of a Civil Money Penalty 
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payable to the order of the Treasury of the United States.  The Association shall pay such civil money penalty itself and is prohibited from seeking or accepting indemnification for such payment from any third party.

Effective Date, Incorporation of Stipulation.

2.             This Order is effective on the Effective Date as shown on the first page.  The Stipulation is made a part hereof and is incorporated herein by this reference.

IT IS SO ORDERED.

 
OFFICE OF THRIFT SUPERVISION
     
 
By:
/s/ Daniel T. McKee
 
  
Daniel T. McKee
 
  
Regional Director, Central Region

MetaBank
Order of Assessment of a Civil Money Penalty
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