(Updates with McCoy quotes in fourth, sixth paragraphs.)
Nov. 28 (Bloomberg) -- Wells Fargo Co., the fourth- largest U.S. bank by assets, said its president of credit cards stepped down more than two months ago.
Michael McCoy left on Sept. 16, Lisa Westermann, a spokeswoman for the San Francisco-based bank, said today in an e-mail. Tom Wolfe, an executive vice president for consumer credit solutions, assumed McCoy’s duties, she said. Wells Fargo had $21.7 billion of consumer credit-card loans at the end of September, or about 3 percent of total loans, according to a filing.
McCoy is now chairman and chief executive officer of BillMyParents Inc., a San Diego-based company that markets MasterCard Inc. prepaid cards to parents, for use by their teenage children. Parents can set and track spending limits, and receive alerts after purchases. The cards won’t work at businesses like casinos or liquor stores, McCoy said.
"This company is doing some unique things in the prepaid space," McCoy said in a phone interview. "I’m 51 years old, and if I am ever going to step out and have a significant impact on a high-growth company like this, now is the time."
Wolfe reports to Avid Modjtabai, head of Wells Fargo’s consumer-lending business, which includes mortgage, home-equity and student loans along with credit cards, the bank said in a July 26 statement. Wells Fargo was the seventh-biggest U.S. credit-card lender as of mid-year, according to the Nilson Report, an industry newsletter.
"Coming out of the financial crisis we’ve learned that it’s important to live within your means and one of the ways to do that is without the use of credit," McCoy said. "Prepaid cards seem to be coming of age."
--Editors: Dan Reichl, Peter Eichenbaum
To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net
To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.
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