The majority of credit union credit card portfolios contracted in the third-quarter, according to AssetExchange, a Portland, Ore., company that arranges sales of card portfolios for credit unions. The company concluded that 63% of credit union card portfolios were smaller in September than they were in September 2002. This compares with 37% of credit-union card portfolios that grew year over year. That was the only bright light in the survey. Credit union card penetration, or the percentage of members who have a card issued by a credit union, has declined to slightly under 16% from about 17% three years ago. Credit-union card outstandings shrank 5% since December 2001. Some 90% of the 43 portfolios that have been sold in 2003 to date shrank in 2002.
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While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
6h ago -
The Missouri bank surveyed consumers about what kind of financial management tools they use, then built its My Finance360 tool in response.
8h ago -
GodFather malware mimics and manipulates real financial apps on Android devices, exposing sensitive data without user suspicion.
9h ago -
As banks consider their strategies, other big names are also considering a role for digital assets.
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The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
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Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.
June 30