WASHINGTON - America's Community Bankers is partnering with Independent BankersBank in Irving, Tex., on a program that would let many of the group's member banks offer credit cards to consumers and business owners.
The cards would be available to ACB members with assets of less than $350 million, the group said last week. The participating bank's name would be on the card, but Independent BankersBank would process applications, fund the loans, assume liability, and process monthly payments.
The participating banks would share interchange fees and interest income with Independent BankersBank.
ACB Card Services Inc., a for-profit subsidiary of America's Community Bankers, will administer the program.
The Independent Community Bankers of America offers a similar service to its members through a for-profit subsidiary, ICBA Bancard.
