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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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
16m ago -
To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
2h ago -
Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25 -
The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
April 25 -
The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
April 25 -
Consumer spending slowed and charge-offs rose during the first quarter, but Bread Financial said a pending late-fee rule may not be as devastating to its revenue as the Columbus, Ohio-based firm initially feared.
April 25