Bank Agrees to Stop Issuing Credit Cards

Here is an article that caught my eye about New Millennium Bank. This is a name I recognize since they used to be a provider of secured credit cards, used to be because they have stopped, cold.

Mr. Ross noted that the Bank expects to see a temporary reduction in its income from its credit card program due to certain recent regulatory developments. Certain concerns were raised by the Bank’s regulators regarding its consumer disclosure and compliance program in its credit card programs. As a result, the bank has agreed with the FDIC that it will temporarily stop accepting or processing applications or issuing new cards through third party marketing vendors. The Bank has also agreed to stop accepting applications and as of May 15 stop processing applications and issuing new cards directly by the Bank. These actions will remain in effect until the FDIC is satisfied that the Bank has addressed their concerns. Mr. Ross noted the Bank is devoting the proper time, effort and resources to this issue, and is seeking to satisfy the FDIC as quickly as possible. However, in the event the Bank is prohibited from accepting new credit card applications for an extended period of time, the loss of credit card application fee income could have a material adverse impact on the Bank’s results of operations. – Source


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