None of the third parties was named in the SEC filing. Meta had been expected to provide funds for a RAL program to be offered by Santa Barbara Tax Products Group. For a few weeks that company was accepting applications for a RAL program, but the information was removed from its site after the OTS action was announced. However, SBTPG's Web site still has enrollment information about federal and refund transfer products. Electronic return originators who have not used the company's services before have a January 14 deadline while EROs new to the business have a January 13 deadline.
Meta Rules Out RALS and Refund Transfers
Meta Financial Group, which had been expected to fund a refund loan program, has ruled out the possibility of funding loans for the upcoming tax season through its Meta Payments Division. In an SEC filing, the bank reported it had concluded it would be unable to get the necessary federal approval to offer any tax-related programs in 2011. The language Meta used also indicates it would not provide a tax refund transfer program.
Meta is under orders from the Office of Thrift Supervision that it cannot initiate any tax-related lending programs without that office's approval. The company said it could not get OTS approval in time to offer the programs and it has been in discussions "with one of its primary program managers of the tax-related offerings regarding a mutual agreement to terminate the program agreement for the 2011 tax season." That program was terminated on November 30.
