Furthermore, since 2004 due to the new legislation and to the new CEO and chairman Joseph Saunders, Providian is increasing its social responsibility focusing on the middle market rather than on the risky one, even if that means a lower default rate. What's more, Providian sold off some of the best loans to other financial companies and attained other funding.

What could company leadership have done to guide Providian in a better direction?

The company should have raised its market standard and focus on middle market rather than on insoluble customers, who almost brought Providian's bankruptcy. It should have advertised their products correctly and explicitly, this way avoiding the lawsuits and bad commercial. It might have not had the same market...

With a new chairman and a new management board, who seem to be more interested in the company's welfare rather than on how to make money for them, like the former chairman, Shailesh J. Mehta, the company is going in the right direction.
Moreover, by raising their standards, that is, by not giving loans and credit cards to almost anyone, Providian is slowly recovering its name and credibility among investors and regaining its name on the Wall Street.