An examination of industry sales tactics conducted after the Wells Fargo scandal found that credit card accounts (not checking or savings) were the largest source of account openings without customer permission.
The Minneapolis bank is betting that it has the heft — and the brand recognition — to compete for deposits in states where its biggest rivals already dominate.
Upgrade, a marketplace lender founded by Laplanche just a few months after he was ousted from LendingClub, has secured more than $100 million in equity capital and says it is poised to offer more consumer credit products.
Domestic card growth has not lived up to the bank’s expectations, even after its Costco coup. So it is making changes here to get product development, payments technology and card portfolio management on the same page worldwide.
Happy Money and Arcus have joined a pack of fintechs and online lenders urging customers to forego expensive credit card debt, in this case calling it a "sad spend."
