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With demand for loans surging and investment capital from large banks drying up, community development financial institutions are caught in cash crunch.
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The Fed's rate-cutting strategy to counteract the credit crisis has had consequences in Net banking. The alluring five-percent-plus rates that ING Direct, Citi, Capital One and others once offered for high-yield, online savings accounts (HYSAs) have dwindled to three percent territory.
To grow its Zip contactless payment platform, Discover Network has in place the chip orders, the merchant acquirer programs, terminal hardware deals and, of course, the user base.