2 unchanged sentences
Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2022.
−Removed: There were no material changes to those risk factors during the six months ended March 31, 2023, except that the following risk factors are hereby updated or added:
+Added: There were no material changes to those risk factors during the nine months ended June 30, 2023, except that the following risk factors are hereby updated or added:
Our business could suffer if consumer behaviors, or other factors, in connection with the use of prepaid cards change, or there are adverse developments with respect to the prepaid financial services industry in general.
14 unchanged sentences
The competition for qualified personnel in the financial services industry is intense, and the loss of any of our key personnel or an inability to continue to attract, retain, and motivate key personnel could adversely affect our business.
−Removed: Adverse developments or concerns affecting the financial services industry in general or specific financial institutions, such as the recent bank closures and other developments in the United States banking industry could adversely affect our financial condition and results of operations.
+Added: Adverse developments or concerns affecting the financial services industry in general or specific financial institutions, such as bank closures and other developments in the United States banking industry could adversely affect our financial condition and results of operations.
Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar events, have in the past and may in the future lead to erosion of customer confidence in the banking system, deposit volatility, liquidity issues, stock price volatility, and other adverse developments.
−Removed: For example, the recent closures of Silicon Valley Bank ("SVB") and Signature Bank has led to disruption and volatility, including deposit outflows and increased need for liquidity, at certain banks.
+Added: For example, the closures of Silicon Valley Bank ("SVB") and Signature Bank in March 2023 led to disruption and volatility, including deposit outflows and increased need for liquidity, at certain banks.
Although a statement by the Department of the Treasury, the Federal Reserve and the FDIC indicated that all depositors of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, it is not certain that the Federal Reserve or FDIC will treat future bank failures similarly.
5 unchanged sentences
Adverse financial market and economic conditions can exert downward pressure on stock prices, security prices, and credit availability for financial institutions without regard to their underlying financial strength.
−Removed: The volatility and economic disruption resulting from the failures of SVB and Signature Bank have particularly impacted the price of securities issued by financial institutions, including us.
−Removed: While we did not experience any abnormal changes in our total outstanding deposit balances following the recent bank closures and related events, we experienced changes in deposit balances resulting from typical seasonal fluctuations due to the nature of our business.
−Removed: While our deposit base primarily consists of millions of retail cards and other small dollar accounts with an average balance less than $1,000 and we maintain a liquidity position with numerous funding options available totaling over $4.0 billion as of March 31, 2023, we cannot be assured that unusual deposit withdrawal activity will not affect banks generally in the future or us in particular.
−Removed: Continued uncertainty regarding or worsening of the severity or duration of the volatility in the banking industry could also adversely impact our estimate of our allowance for credit losses and related provision for credit losses.
−Removed: In connection with the recent bank closures, the United States federal bank regulators announced that losses to support uninsured deposits of the closed banks would be recovered via a special assessment on banks, which along with related costs to the Deposit Insurance Fund could led to an increase in our deposit insurance assessments.
+Added: The volatility and economic disruption resulting from the failures of SVB and Signature Bank particularly impacted the price of securities issued by financial institutions, including us.
+Added: While we did not experience any abnormal changes in our total outstanding deposit balances following the bank closures and related events, we experienced changes in deposit balances resulting from typical seasonal fluctuations due to the nature of our business.
+Added: While our deposit base primarily consists of millions of retail cards and other small dollar accounts with an average balance less than $1,000 and we maintain a liquidity position with numerous funding options available totaling over $3.0 billion as of June 30, 2023, we cannot be assured that unusual deposit withdrawal activity will not affect banks generally in the future or us in particular.
+Added: Continued uncertainty regarding or worsening of the severity or duration of the volatility in the banking industry could also adversely impact our estimate of our ACL and related provision for credit losses.
+Added: In connection with the bank closures, the United States federal bank regulators announced that losses to support uninsured deposits of the closed banks would be recovered via a special assessment on banks, which along with related costs to the Deposit Insurance Fund could led to an increase in our deposit insurance assessments.
Any of these impacts, or any other impacts resulting from the events described above, could have a material adverse effect on our liquidity and our current and/or projected business operations and financial condition and results of operations.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.