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Austin-based NetSpend Holdings Inc. has postponed its $200 million-plus initial stock providing due to regulatory dilemmas relating to the main provider for the prepaid debit cards NetSpend areas.

NetSpend was in fact likely to rate the providing Thursday and begin offering stocks to the general public this early early morning.

Analysts had stated the offering could be well-received due to NetSpends position into the fast-growing marketplace for prepaid debit cards, by which it’s a provider that is leading.

However the providing has been postponed until in a few days, based on, which tracks the marketplace for initial offerings, additionally the Wall Street Journal.

NetSpend failed to get back demands remark.

A key supplier, had been ordered by federal regulators Wednesday to halt a payday loan program and seek advance approval for any new or amended third-party agreements, including for prepaid cards in a securities filing Thursday, NetSpend said that MetaBank. Work of Thrift Supervision stated MetaBank had utilized misleading methods into the cash advance system.

MetaBank, situated in Storm Lake, Iowa, provides 71 per cent of this prepaid cards that NetSpend distributes nationwide through grocery, check-cashing shops along with other outlets. NetSpend has about 2.1 million active cards nationwide.

NetSpend said MetaBanks problems wont affect its operations or funds, nonetheless it said that future actions that are regulatory MetaBank could force it to locate another card provider.

The increased loss of, or modification to, our relationships with MetaBank or our other issuing banking institutions could adversely impact our company, outcomes of operations and budget, the filing stated.

NetSpend and its particular investors have actually filed to market 18.5 million stocks within the stock providing, aiming for a cost between ten dollars and $12 a share. The offering would be worth $204 million at the midpoint of that range.