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Crackdown on MetaBank Casts a Shadow on NetSpend’s IPO

Crackdown on MetaBank Casts a Shadow on NetSpend’s IPO

Federal banking regulators this thirty days cracked down on MetaBank, a significant card that is prepaid, an action that tossed into concern the pending initial general public offering of prepaid credit card system manager NetSpend Corp.

Austin, Texas-based NetSpend is planned to rate its long-planned IPO on Thursday, in accordance with reports regarding the monetary cables. But its ties that are close MetaBank caused rounds of conjecture about perhaps the IPO will actually take place. A NetSpend representative claims he can’t comment.

On Tuesday, MetaBank’s parent 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 brand new loans under its iAdvance item at the time of Wednesday, and in addition it put controls on its company of issuing loans prior to clients’ receipt of income income income tax refunds, alleged tax-refund expectation loans. Continue reading Crackdown on MetaBank Casts a Shadow on NetSpend’s IPO