Crackdown on Meta Bank Casts a Shadow on NetSpend’s IPO
Federal banking regulators this thirty guaranteedinstallmentloans.com/payday-loans-ny/ days cracked straight straight straight straight down on MetaBank, an important card that is prepaid, an action that tossed into concern the pending initial general general public providing of prepaid credit card system supervisor NetSpend Corp.
Austin, Texas-based NetSpend is planned to rate its long-planned IPO on Thursday, in accordance with reports from the economic cables. But its close ties to MetaBank caused rounds of conjecture about whether or not the IPO will in truth happen. A NetSpend representative claims he can’t comment.
On Tuesday, MetaBank’s moms and dad business, Storm Lake, Iowa-based Meta Financial Group Inc., reported into the Securities and Exchange Commission that work of Thrift Supervision had taken enforcement actions against MetaBank. The OTS banned MetaBank from issuing any brand brand brand new loans under its iAdvance item at the time of Wednesday, and in addition it put settings on its company of issuing loans prior to clients’ receipt of income income tax refunds, alleged anticipation that is tax-refund. (more…)
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