HOUSTON - (04/19/05) -- Discover Financial said it israising the PIN-based debit interchange fees it charges card-usersin its recently acquired PULSE EFT Association. The hike in fees,to take effect on June 1, will result in an increase in debitinterchange revenues for PULSE members of an average of 20% overthe current 18 cents-per-transaction flat-fee pricing. Creditunions and banks will continue to pay no switch fee on PULSE PINdebit transactions. PULSE said it is also changing the feestructure for PIN-less Bill Pay transactions, which will result inan average interchange revenue increase for financial institutionsof approximately 28%. The changes were approved by the FinancialInstitution Oversight Committee that was established as a part ofthe sale of PULSE to Discover.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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