WASHINGTON – The Office of the Comptroller of the Currency struck what some experts are calling the biggest blow so far in the agency's campaign to get banks to stop making payday loans. The OCC ordered Goleta National Bank in California to stop providing short-term, high-interest cash advances through the offices of ACE Cash Express Inc., based in Texas, the largest check cashing chain in the U.S. ACE agreed to pay a fine of $250,000 and Goleta agreed to a fine of $75,000. The OCC order also prohibits ACE from entering any agreement to provide payday loans or other services through a national bank without the OCC's approval.
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