Asset Acceptance Capital Corp., a Warren, Mich.-baed public debt buyer and collector of charged-off consumer loans, on Tuesday announced plans to close its Chicago collections office, a decision expected to reduce the company's operating expenses by approximately $2 million per year.

The trade group now known as BAFT-IFSA has been reinvented under Donna Alexander, shedding its 'U.S.-centric' image and emerging as a leading voice for banks worldwide.

Only one of the 2,150 credit unions with credit card receivables of $1 million or more sold its portfolio during the second quarter ended June 30, as buyers remained cautious about overall credit-union health, according to AssetExchange, a Portland, Ore.-based credit-union card broker.

Citigroup Inc. will exit its private student loan business after its indirect subsidiary, Student Loan Corporation, agreed with Discover Financial Services and Sallie Mae to divest its business through a string of transactions.

Hudson & Keyse LLC, a Painesville, Ohio collection firm, owes more than $63 million to an estimated 200 creditors. Last week, the company filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court Northern District of Ohio. The firm reported assets of approximately $288,000.

The banking industry's loan losses could stay elevated for years, recent federal data suggests, even after appearing to peak in late 2009.

Tight supply has sent portfolio prices for the freshest chargeoffs soaring in recent weeks to as much as 12 cents on the dollar. Portfolio prices for these accounts are now averaging more than nine cents on the dollar, according to debt buyers.

The Royal Bank of Scotland Group has agreed to sell its credit card payment processing unit to Advent International Corp. and Bain Capital for $2.7 billion, according to the companies.

American Express Co. is looking at potential acquisitions that would strengthen its competitive position in alternative payments as credit conditions continue to improve and competition heats up for high-end consumers.