The First Bank Of Delaware is a sub prime lender. They offer credit cards for those with a damaged credit history.
However they were delivered a cease and desist letter by the FDIC (Federal Deposit Insurance Corporation). This letter was sent on October 9th, 2008 and ordered them to close their lending division.
It claims that the bank has an "inadequate compliance management system" and is "operating without effective oversight by bank's board."
The Bank has stopped issuing all of their credit cards. The order requires the bank to to hire an independent consultant to help develop a plan to revamp their lending department.
Only recently have they withdrawn the Tribute MasterCard and the Continental Finance MasterCard, both reported monthly to the three major credit bureaus. They were commonly used to re-establish credit history.
They also offered the Imagine Gold MasterCard but that was withdrawn from the market when the mortgage / sub prime credit crisis initially hit. Then they briefly introduced the Simply Gold MasterCard before withdrawing that too.
The Tribute and Continental Finance cards have only recently (past 6 months) been withdrawn from the market. This bank seems to have a lot of uncertainty in their sub prime lending department.
We believe that the bank complied to the cease and desist order and re-launched the Continental Finance and Tribute MasterCard then decided to withdraw the cards from the market.
Unfortunately this bank is not alone. Between government regulation and the sub prime credit collapse many sub prime lenders have stopped lending.
Thankfully their are still some viable options. We suggest the prepaidAccount Now Visa.
It comes with; Free Direct Deposit, Free Bill Pay, Free Activation, Free Credit Builder, Even Let's You Borrow Money & Build Credit.
And without the high fees or high interest rates of an unsecured credit card.
