IMGCAP(1)]
The Office of the Comptroller this week rejected a proposal that would enable banks to forgive up to 40% of heavily indebted credit card borrowers' debt. The Financial Services Roundtable and the Consumer Federation of America jointly pitched the program as a way to help consumers avoid bankruptcy while banks could recoup a portion of debt that would otherwise be written off (CardLine, 10/31).
JP Morgan Chase & Co. has distributed $250 million in disaster-relief funds to 710,000 households through prepaid benefit cards over the past 12 months, the company announced today.
EProcessing Network LLC, an independent sales organization, has approved gift and loyalty card products from Global eTelecom Inc., a check processor, for use on its payment gateway.
Alliance Data Systems Corp. has signed a multiyear contract renewal with apparel retailer The Buckle Inc. to continue providing private-label credit card services.
