An SEC filing released this week by QC Holdings, a Kansas payday lender, suggests that US Bank intends to hold the company to a high standard as a condition of remaining as one of its borrowers.
The next big thing in prepaid is about to happen and when it does, it will probably lead to more price compression and lots of competition from new players that have been previously outside of the payments system.
So when people want a prepaid card, what brand do they go to first?
NetSpend appears to be the hands-down winner.
Suprising to me is that Rush Card has consistently outpaced Green Dot. Equally surprising is the lack of interest in AMEX Bluebird.
Chase Liquid had an initial surge back in the summer of 2012, but since then it has fallen off steeply.Read More
The Simple Cash Option is one of the products that has emerged in the period after the end of bank-funded refund anticipation loans to speed up the delivery of refunds to consumers.
The SCO is perhaps the most novel effort to re-invent the refund anticipation loan. Liberty offered its Instant Cash Advance on dollars sourced fromRead More
Buried in the latter half of the CFPB's complaint against ITT Tech is a revelation that the private lending at the center of the issue was done by a credit union.
The CFPB says that ITT Tech set up a business plan that pressured students into taking out high-cost private loans.Read More
When Simple announced that it was going to be acquired by Spanish bank BBVA Compass for $117 million, some observers called the price modest. After all, its investors had put $15 million into the company. The price must have been low, because it was only a modest eight-bagger.Read More