ST. PETERSBURG, Fla. - (02/14/06) -- The Armed Forces Financial Networkand MasterCard International announced Monday that U.S. troopsdeployed around the world can use their AFFN-branded cards toaccess MasterCard's Maestro merchant and Cirrus ATM debit networks.AFFN, which is jointly owned by defense credit unions and banks,and MasterCard began a pilot of the program in December 2004.AFFN-qualified credit union and bank identification numbers havebeen added to the Maestro and Cirrus BIN tables. In addition,merchants are being told to treat the AFFN network as synonymouswith Maestro. There is no need for new cards, new branding ormembership standards, the two partners say. AFFN serves more than337 financial institutions around the world and 92 millioncardholders, at more than 181,000 ATMs and 1.2 million merchantlocations.
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The auto lender's earnings outpaced Wall Street's expectations. But shrinking car inventories at dealerships, which stemmed from new tariffs, put a dent in Ally's lending.
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The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.
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The Dallas-based lender, which reported a year-over-year decline in earnings, is anticipating increased loan activity and deposit growth later in the year.
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With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.
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The regional bank's cloud-based software platform will be one of the first of its kind, a top executive said Friday.
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