G*******E
发帖数: 566 | 1 The rumor is the whole company was blocked with certain illegal transactions
by FDIC
..
http://www.sec.gov/Archives/edgar/data/1295401/0000950159140003
The Bancorp Bank (the “Bank”), a wholly owned subsidiary of The Bancorp,
Inc., entered into a Stipulation and Consent to the Issuance of a Consent
Order (the “Order”) with the Federal Deposit Insurance Corporation (the “
FDIC”) which became effective on June 5, 2014. The Bank took this action
without admitting or denying any charges of unsafe or unsound banking
practices or violations of law or regulation relating to weaknesses in the
Bank’s Bank Secrecy Act (“BSA”) Compliance Program.
The Order requires the Bank to take certain affirmative actions to comply
with its BSA obligations, among them: appoint a qualified BSA/OFAC officer;
revise the written BSA Compliance Program; develop and implement additional
policies and procedures for suspicious activity monitoring and reporting;
review and enhance customer due diligence and risk assessment processes;
review past account activity to determine whether suspicious activity was
properly identified and reported; strengthen internal controls, including
augmenting Board oversight regarding BSA activities; establish an
independent testing program and develop policies and procedures to govern
staffing and training for BSA compliance.
To date, the Bank has implemented multiple upgrades that address the
requirements of the Order, such as the appointment of a qualified BSA/OFAC
officer, increasing oversight and staffing of the BSA compliance function,
improving practices and procedures to monitor and report transactions;
increasing training, as well as adopting an independent testing program to
ensure adherence to more effective BSA standards. Although these measures
have and will increase non-interest expense including significant initial
consulting fees, growth in the various lines of business should over time,
should cover these expenses.
Until approval by the FDIC of a BSA Report for which the Bank has already
engaged a third party, the Order places some restrictions on certain
activities: the Bank will be restricted from signing and boarding new
Independent Sales Organizations; the Bank will be restricted from issuing
new non-benefit related reloadable prepaid card programs; and the Bank will
be restricted from Originating Automated Clearing House transactions for new
merchant-related payments. We do not believe that these restrictions will
have a material impact on revenue. | G*******E
发帖数: 566 | 2 Until approval by the FDIC of a BSA Report for which the Bank has already
engaged a third party, the Order places some restrictions on certain
activities: the Bank will be restricted from signing and boarding new
Independent Sales Organizations; the Bank will be restricted from issuing
new non-benefit related reloadable prepaid card programs; and the Bank will
be restricted from Originating Automated Clearing House transactions for new
merchant-related payments | c**2
发帖数: 8496 | 3 it's only down at Wal-marts, so the theory is not sound.
In fact, vanilla VGC works fine like a credit card even at WMs. | G*******E
发帖数: 566 | 4 because credit purchase is different form ACH, and maybe the walmart is the
biggest problem for Bankcorp, so they address illegal ACH issue with walmart
first. You can still use debit to purchase at walmart just not buying MO or
loading reloadable card.
the Bank will be restricted from Originating Automated Clearing House
transactions for new merchant-related payments
【在 c**2 的大作中提到】
: it's only down at Wal-marts, so the theory is not sound.
: In fact, vanilla VGC works fine like a credit card even at WMs.
| M**r
发帖数: 380 | 5 May be just wishful thinking. We'll see in the next few weeks. |
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