Credit

Mechanics Bank of Richmond, Calif., has chosen fraud-protection product from VSoft Corp., the vendor announced May 18.

WASHINGTON — Although Senate leaders have confirmed they will allow a floor vote soon on delaying interchange fee restrictions, the timing, outcome and vehicle for suspending the proposed cap are still anyone's guesses.

Dramatic reductions in credit card bad-debt and total expenses, plus gains in customer use of private-label cards within its stores driven by a 5% rewards discount launched in October, helped boost fiscal first quarter profitability within Target Corp.’s Credit Card segment.

The Credit Card Accountability, Responsibility and Disclosure Act last year put an end to many consumer credit card practices lawmakers considered unfair, but it had little effect on business-oriented credit cards, most of which continue to skirt the new rules, a new study suggests.

Thailand’s Ministry of Finance on May 12 announced its decision to launch a credit card financing initiative that is raising concerns among key players in the country’s banking industry.

WASHINGTON – Senate Majority Leader Harry Reid plans to hold a vote on a proposal to delay the cap on debit fees, even as the Senate leader says he is opposed to the delay.

Police in Oakland, Calif., shut down an alleged identity theft operation that involved potentially thousands of Bay Area victims, The Oakland Tribune reported Monday.

The average U.S. credit card charge-off rate in April likely fell again as it headed toward historic lows, suggest preliminary monthly account-default data from the nation’s top credit card issuers Moody’s Investors Service analyzed.

MasterCard Worldwide on May 16 launched a national marketing campaign to support enhanced features of its World Elite premium credit card as the card company continues to target the affluent consumer market, which tends to have high spend on credit cards and favors cards with travel and experiential rewards.

MasterCard Worldwide has appointed Ajay Bhalla president of DataCash Group PLC, the card brand announced May 17.

Credit unions and banks urged a federal appeals court in Sioux Falls, S.D., to act quickly to block the Federal Reserve’s implementation of debit card caps, which they insist will break thousands of credit unions or banks.

VeriFone Systems Inc.’s Paymedia add-on now enables gas stations to present advertising on their pumps’ screens, the terminal maker announced May 16.

Bank of America Corp. on Monday said it is marketing charge cards to small-business customers, a move that other banks may follow as they try to attract high-spending customers who pay balances in full.

Dwolla Corp., an alternative payments provider, is developing technology to help banks cut fraud as they start allowing transactions from mobile devices — and also help them decide which mobile devices are worth investing in to begin with.

Less than a month after introducing a 5% everyday discount on all private-label credit card purchases, Lowe’s Cos. on May 16 said the program is helping to shift certain sales from bankcards to its proprietary card.

Two more banks have signed up for Secure Vault Payments, according to eWise Systems USA Inc., the Denver-based company working with NACHA, the electronic payments association, to offer the technology.

Global shipments of handsets with Near Field Communication technology should increase to nearly 550 million units by 2015, helped by the decision earlier this month by three major U.S. wireless carriers to partner with leading credit card companies on a mobile-commerce initiative, according to new IHS iSuppli research.

PayCommerce Inc. has integrated its cloud-based payments platform for small to midsize businesses with commonly used business software, the company announced May 10.

Thriving in home loans is a tall order these days, but executives at Discover Financial Services sought to make the case Friday why the timing is right for their purchase of Tree.com Inc.'s mortgage origination unit.

Many small businesses in 2010 were hit particularly hard by fraud-related costs, suggesting financial institutions should do more to educate their small-business clients on fraud-prevention strategies, new research suggests.