The Card Services division of Servicecorp, the subsidiary of the Indiana league, has changed its name to Credit Union Card Center. Servicecorp COO Diana Arnold said the name change emphasizes that it offers services outside of Indiana. "We wanted to create an image that gives us better brand recognition in the marketplace," she said. In addition to traditional services, it is planning to roll out this month Digital Card Processing and Family Card. Digital Card will allow credit unions to design plastics for different program types without the need to purchase large quantities of one particular stock. The new Family Card product will allow cardholders to group cards together under one key account, and designate specific credit limits for each individual, said the company, which currently processes credit, debit, and ATM card programs for more than 135 credit unions in Indiana, Kentucky, New York, and Maryland.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27