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November 12, 2012

Departing Citigroup CEO Vikram Pandit will receive $6.7 million for 2012, according to a company announcement released today.

Pandit famously took a salary of $1 in 2009 and 2010.

In spite of that gracious pledge, Pandit will still have earned $67 million since he joined the company in

November 9, 2012

The Payments Center at the Philadelphia Fed, along with Rachel Schneider at CFSI published a great report on prepaid card usage back in August. The paper has more seventy pages of information about how people use the cards. If you are a payments nerd (as says the Vice President over prepaid at one large Southeastern bank), then

November 8, 2012

If you subscribe to the idea that Hurricane Sandy made some impact on the outcome of the election, then you might also want to consider how it will impact the lower reaches of automobile finance.

Early reports indicate that Hurricane Sandy destroyed 250,000 cars. That is a sizable disruption. In fact, some

November 7, 2012

Owing to an expectation that their product would never escape the ire of regulators, investors have pulled out from Tandem Money. The company appears to have closed at the end of last month.

"Tandem Money is no more," said Insight Card Services CEO Bill Smith. "We decided not to continue. We had a hard time seeing how the product would handle the scrutiny."

Tandem Money was more than just a prepaid card with a line of credit. It offered a suite of financial services on a

November 6, 2012

Given that prepaid debit cards have changed a lot in recent years and given that there is an expectation that they will continue to change rapidly in the future, one of the most important conversations about the product tends to be around future innovation. The questions of how and if credit will be adopted on prepaid is most closely linked to innovation, but there are better blue oceans to explore. In the last few years, no innovation has disrupted more

November 5, 2012

Key provisions from the CFPB's rule making on remittances say that agents will have to make uniform disclosures to their customers. According to the final rule, agents must indicate the following:

  • Cost of the service
  • Exchange rate
  • Amount that the recipient will ultimately receive

These are not the only aspects of the rule, but for today's purposes I am only interested in disclosure.

November 1, 2012

A new filing from Republic Bank of Kentucky says that the company is not only going to go forward with plans to offer general purpose reloadable prepaid debit cards, but it also intends to roll out new short-term consumer credit products.

Republic will combine its prepaid, short-term credit, and tax services segments into one combined division known

October 31, 2012

What does it mean when Western Union announces that its revenue is going to drop off in the near future?

For the company, it is clearly bad news. Even though Western Union announced an increase in their dividend and earnings that beat estimated forecasts, its shares have fallen more than twenty-five percent today. WU

October 30, 2012

A tax preparer working in a Detroit Liberty Tax store has been convicted of filing forty fraudulent tax returns on behalf of her clients.

The District Court found that Marquitta Nicole Jackson claimed the Earned Income Tax Credit for her clients

October 29, 2012

Some interesting things came out of last week's convening of the Manufactured Housing Consensus Committee, but perhaps the most interesting was the background conversation on how oil exploration in the Upper Midwest is driving an insatiable demand for new manufactured homes.

An engineer at one of the largest corporate manufacturers in the Midwest and the owner of a smaller firm in