MINNEAPOLIS - (07/03/06) U.S. Bancorp announced Fridaythat its Elan Financial Services unit has acquired the credit cardportfolio from AurGroup Financial CU, the 22nd credit unionportfolio acquired by the bank giant so far this year. Under thedeal, Elan Financial will continue to manage the 6,500 accounts and$9.5 million in receivables under the credit unions brand.Elan Financial has emerged as one of the biggest purchasers ofcredit union cards portfolios and now manages credit card programsfor more than 160 credit unions.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3