Federal banking regulators this thirty days cracked straight down on MetaBank, a significant prepaid credit card issuer, 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, relating to reports regarding the economic wires. But its close ties to MetaBank caused rounds of conjecture about or perhaps a IPO will in truth take place. A NetSpend representative states he canвЂ™t comment.
On Tuesday, MetaBankвЂ™s moms and dad business, Storm Lake, Iowa-based Meta Financial Group Inc., reported to your Securities and Exchange Commission that any office of Thrift Supervision had taken enforcement actions against MetaBank. The OTS banned MetaBank from issuing any brand new loans under its iAdvance item at the time of Wednesday, plus it put settings on its company of issuing loans prior to clientsвЂ™ receipt of income income tax refunds, alleged anticipation that is tax-refund. Continue reading “Crackdown on MetaBank Casts a Shadow on NetSpendвЂ™s IPO”