Company Behind David Bowie's Online Bank To Clean Up Its Act

USABancShares agreed with the Federal Reserve to address its debt and raise capital.

The firm that operates David Bowie's online bank is under pressure to clean up its act.

USABancShares, which runs Bowiebanc.com, agreed with the Federal Reserve on March 2 to "eliminate or correct all violations of law and regulations," according to Reuters. Bowiebanc.com, which offers checks and debit cards emblazoned with the singer's image, launched in January 2000.

The agreement, released Friday by the Fed, says that USABancShares must figure out a way to deal with its debt and raise more capital. No details of the violations were given, the news service said.

Customers can open an account with Bowiebanc.com by completing an application online or over the phone and then mailing a check for deposit, according to the Web site. The site offers savings and checking accounts as well as loans and CDs.

USABancShares, headquartered in Philadelphia, also owns vBank

and was one of the first firms to offer banking online and via handheld wireless computers.