MINNEAPOLIS - (03/07/06) -- U.S. Bancorp said last week its ElanFinancial Services unit purchased 35 credit union credit cardportfolios with a total of $138 million in receivables, putting itamong the leading managers of credit union portfolios. Theportfolios ranged in size from under $1 million assets to up to $11million assets. Elan was particularly active in the fourth quarterwhen it purchased 18 credit union card portfolios. Elan says the2005 results reflect a trend toward credit unions outsourcing theircard programs. In 1999, for example, eight credit unions sold cardportfolios that had total receivables of $92 million. Last year, 64credit unions sold card portfolios with $466 million inreceivables, according to NCUA. So far this year, Elan has acquiredfour portfolios including the $24 million portfolio of HarborstoneCU in Lakewood, Wa. After buying a credit union's portfolio, Elanissues cards in the credit union's name, markets the cards,approves card applications, and performs all back-officefunctions.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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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.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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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.
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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.
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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.
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