BOK Financial’s payday loans subject of class-action lawsuit
08/14/2013 2:28 PM
08/14/2013 2:30 PM
Banks owned by the holding company of a Wichita mortgage lending business are the subject of a class-action lawsuit involving payday loans.
The lawsuit, brought by Kansas City, Mo., law firm Stueve Siegel Hanson and Tycko & Zavareei of Washington, D.C., alleges that some customers of those banks owned by Tulsa-based BOK Financial who obtained FastPay loans “were charged annual percentage rates grossly in excess of the rates represented in the FastLoan agreements.”
But in a statement e-mailed to The Eagle on Wednesday, BOK said the lawsuit is without merit and that it is filing a motion for summary judgment.
“Our disclosure very clearly indicates the cost of the product and the pricing is consistent with industry standards,” Pat Piper, executive vice president of BOK Financial’s consumer division, said in the statement. “When the product was launched two years ago, the Office of the Comptroller of the Currency had expressly reviewed it and presented no objection to the bank proceeding with the product.”
BOK Financial operates Bank of Oklahoma Mortgage in Wichita. It is the holding company of the banks named in the lawsuit, which are Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust.
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