PORTLAND, Ore. - (11/30/04) -- Credit card portfolios for creditunions rose in the third quarter to 18, from 15 for the same periodlast year, with the dollar figure rising by 26% to $359 million,according to AssetExchange, a consulting firm that tracks and helpsarrange portfolio sales. Through the first three quarters of theyear there were 47 portfolio sales by credit unions, up from 41 forthe first nine months in 2003.
The exit highlights the steep challenges and high customer acquisition costs foreign fintechs face when entering the U.S. banking sector.
Federal Reserve Gov. Michael Barr said Wednesday that his dissents over the past year on proposed regulatory changes reflect concern that oversight of banks could be significantly weakened.
Federal Reserve Vice Chair Michelle Bowman said the Fed's proposed capital framework will inject up to $100 billion into the economy to support small-business loans.
House Financial Services Chairman French Hill is pushing regulatory relief for banks, reforming the Consumer Financial Protection Bureau and advocating a "whole-of-government" assault on fraud.
Recurring payments for stuff like streaming content can get lost in the shuffle, creating an opportunity for the big card brands.
New survey data finds little correlation between increased AI spending and layoffs in financial services. But many executives said they expect job cuts at their companies in the next 12 months.
