Digital River, the revenue growth experts in global cloud commerce, will host leading cyber security experts at the Digital River® Globalocity™ commerce conference. Globalocity, which is expected to draw top business visionaries, industry analysts, global commerce executives and senior professionals from the U.S., Europe and Asia, will take place May 14-16, 2012, at the JW…
Spiegel’s OR-based First Consumers National Bank has signed a consent order with the OCC to end the issuance of sub-prime credit cards. FCNB has agreed to stop issuing any new secured credit cards unless it is fully secured; increasing the credit line of any existing secured credit card; issuing any new unsecured or partially-secured credit cards to any existing customer with a FICO score below 680; and providing any new credit line increases on any bankcard to any customer having a FICO score less than 680. FCNB also agreed to immediately close all accounts with a FICO score of less than 680 and all Preferred card accounts with a FICO score of less than 640 that have been inactive for a period of twelve months or more and have a zero balance as of May 15th. For accounts that have been inactive for at least six months but less than twelve months and have a zero balance as of May 15th, FCNB has agreed to immediately reduce the customer’s credit limit by 50%. In February the Spiegel Group announced it was looking to unload its credit card business following rapid deterioration and a significant earnings shortfall. The company expected to take a $310.5 million loss on the sale of the portfolio. First Consumers National Bank, which offers secured and unsecured bank credit card products, currently has approximately $1.3 billion in credit card receivables and 1.6 million accounts, according to CardData ([www.carddata.com][1]). (CF Library 2/22/02; 4/23/02)
[1]: http://www.carddata.com