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Any office of Thrift Supervision stated MetaBank had utilized misleading techniques when you look at the pay day loan system.

NetSpend stock offering delayed

Austin-based NetSpend Holdings Inc. has postponed its 200 million-plus initial stock providing due to regulatory issues relating to the main provider for the prepaid debit cards NetSpend markets. NetSpend was indeed anticipated to expense the providing Thursday and begin shares that are selling people this early morning. Analysts had stated the providing could be well-received as a result of NetSpends position into the fast-growing marketplace for prepaid debit cards, by which it’s a provider that is leading. Nevertheless the providing was postponed until a few weeks, based on IPOhome.com, which tracks the marketplace for initial offerings, as well as the Wall Street Journal.

NetSpend failed to get back demands remark.

In a securities filing Thursday, NetSpend stated that MetaBank, a vital supplier, have been purchased by federal regulators Wednesday to prevent a quick payday loan system and look for advance approval for any brand new or amended third-party agreements, including for prepaid cards. Continue reading