Fintech

The League of Southeastern Credit Unions & Affiliates (LSCU) and the New York Credit Union Association (NYCUA) on Tuesday said they have signed a letter of intent to combine many of their operations into a jointly owned subsidiary that will house all of their back office functions.

UniRush's transition to a new processor caused major service interruptions for users of its popular RushCard prepaid products.

General Electric is trying to entice its shareholders to exchange their stock for shares in Synchrony Financial, the spun-off credit card lender.

Diebold would not only be eliminating a rival in buying Germany's Wincor Nixdorf — it would also gain new technology and retail relationships vital to its success in an economy that is growing much less reliant on plastic cards.

Diebold Inc. offered 1.57 billion euros ($1.8 billion) in cash and stock to acquire its German rival, Wincor Nixdorf AG, in a bid to create the biggest maker of cash machines and security systems with about $6 billion in sales.

Industry stakeholders criticize the largest credit union trade group’s resistance to change.

General Electric plans to ask early next year for relief from heightened regulatory scrutiny, while its former credit card arm says that it won't be subject to the same stress-testing rules as most banks its size.

EMV card technology has fully replaced traditional magnetic stripe cards in virtually all developed countries except the U.S. In these markets, it's proven to be an effective technology to reduce fraud for card-present transactions, forcing fraudsters to migrate to areas that have not adopted a chip-based payment system.

The changes made 10 years ago reduced abusive bankruptcies and made our nation's economy more resilient. If Congress had gone further by regulating attorney fees and increasing penalties for fraud, the economy would be that much stronger.

The reform has returned bankruptcy to its intended function as a last resort for consumers, rather than a way for the wealthy to game the system at everyone else's expense.