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Regulators Slow H&R Block Bank Sale

It looks like the sale of H&R Block’s bank business to BoFI Holdings will be on hold for the rest of the year, as regulators have essentially bounced back the application.

“We are extremely disappointed with this development. However, we remain committed to exiting our bank and forming a long-term relationship with BofI,” said Bill Cobb, H&R Block’s president and chief executive, reports The Wall Street Journal. 

The move by regulators slows down an April deal that would have seen BofI Federal Bank to act as the  bank for H&R Block-branded financial-services products and allow H&R Block to get out of the increasingly regulated sector.

H&R Block has also noted that it will continue offering financial-services products (like refund loans) through its internal bank for the tax season in 2015.

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