Credit

WASHINGTON — Just hours before the Senate votes on the biggest post-Dodd-Frank bill for the industry, no one in Washington knows what the outcome will be.

WASHINGTON – The credit union and banking lobbies were pulling out all the stops last night to round up a few more votes for their bid to delay cuts in debit fees, but the effort was still a handful of votes short.

Despite indications that some lenders are beginning to loosen restrictions on credit card underwriting criteria by extending certain borrowers’ credit lines, the overall pool of credit card loans continues to shrink, according to new Federal Reserve data.

Bling Nation, the mobile payments and loyalty company, has shut down its service in a move it insists is only temporary.

NEW ORLEANS — Banks intent on bringing mobile payments to a wide swath of customers will soon have to make difficult decisions about devices, partnerships, vendor management and employee training.

All merchant acquirers and card issuers in India would have to establish adequate risk-management systems and processes to help prevent card fraud within the next 12 months under proposals outlined in a central bank working group report released June 2.

WASHINGTON – Chief sponsors of a bill to delay the cuts in debit fees were still searching for a compromise this morning as they appeared to be short of the 60 Senate votes necessary to pass the delay.

Regions Financial Corp. used to have credit cards in name only. Now, the Birmingham, Ala., bank is going all in.

About 200 banks and credit unions are using Fiserv Inc.'s Mobile Money software, more than double the number that were live with the service a year ago, the Brookfield, Wis., vendor said June 6.

Linking online bill pay to a bank’s rewards program is one way financial institutions could revitalize their customers’ use of online banking, suggests a new report.

Despite recent consumer and media backlash over card practices and fees, there is some good news: Credit card issuers are doing a better job in providing customer service, a new report suggests.

Most credit card industry professionals believe social media will become a “significant factor” in customer service, with Twitter and Facebook outpacing blogs as the most popular methods for card brands to connect with consumers, suggest the results of a survey Firstsource Solutions conducted recently.

In a move backing its plan to showcase mobile payments at the London Summer Olympics and Paralympics Games in 2012, Visa Inc. says it will roll out a Near Field Communication-based mobile phone for payments linked to prepaid accounts from British bank Lloyds TSB.

Google Inc. is eliminating the Checkout icon next to ads it displays for merchants that use its alternative payment system.

Seeking to further standardize payment card functions and security within the Single Euro Payments Area, the European Payments Council on June 6 released its latest technology requirements.

To speed up checkout times for small-ticket transactions, a pilot under way at Australian retail chain Coles Supermarkets is enabling holders of EMV Chip-and-PIN credit cards to make purchases without having to enter a PIN.

Michaels Stores Inc. claims in mid-May it was partway through the process of upgrading the payment terminals in its stores to new, tamper-resistant models when a series of fraudulent debit card transactions pointed to criminals tampering with PIN pads at its stores.

PNC Financial Services Group Inc. is opening 6,000 new Virtual Wallet accounts per week, the Pittsburgh banking company's chairman and chief executive James Rohr said June 3.

Google Inc. isn't asking for a share of the payments revenue generated with its new mobile wallet. Nevertheless, partnering with the search engine juggernaut could be a trade-off for banks.

When online scammers recently targeted Westpac Banking Corp., the Australian bank used another online venue, Twitter, to warn consumers not to trust email.