Payments

WASHINGTON – Several more groups have joined opponents of the $7.2 billion settlement for Visa and MasterCard, adding new pressure to the historic deal.

Overall consumer borrowing rose in June as a result of increases in auto and student loans. At the same time, consumers cut back on credit card use.

WASHINGTON – Sen. Richard Durbin, author of the 2010 Dodd-Frank Act rule capping debit card fees, is telling retailers the proposed $7.2-billion antitrust settlement with Visa and MasterCard is bad for them and should be rejected.

The recession has turned many more CU credit card holders into transactors — those who pay off balances monthly — which is making rewards more important, according to Kevin O'Donnell of Discover.

JMFA, which offers an Overdraft Privilege program that is utilized by numerous credit unions, issued the following statement in response to Credit Union Journal's inquiries related to its program.

With increased overdraft scrutiny coming from the CFPB, a number of CU CEOs are revisiting so-called "high-to-low" transaction posting practices established by credit unions in the early 2000s.

Diana Dykstra, president of the California and Nevada Credit Union Leagues, is confident the West Coast CUs will successfully defend themselves against what she calls "frivolous" overdraft lawsuits.

Third-party providers that recommend pricing overdrafts as a penalty as opposed to a safety net are "doing a disservice to credit unions," according to the CEO of Moebs $ervices.

Google added a virtual card option to its mobile wallet this month, and it's far from the first company to realize that virtual accounts can work where conventional cards just don't cut it.

Credit card portfolio sales this year have snapped back to a pace last seen before the recession took hold. Their prices are also rising.

As competition heats up for mobile-wallet providers, the various underlying technologies are starting to show whether they have long-term viability.

KeyBank has become the latest regional bank to bring its credit cards back in house.

As Google expands its mobile wallet to more phones and, with yesterday's update, potentially more banks, consumers have more opportunities to try it — and to encounter its limitations.

A fresh update to Google's mobile wallet allows users to make payments from any credit or debit card, a move that fundamentally changes the company's approach to working with issuing banks.

Payments security providers and mobile card reader vendors alike will watch with much interest from the sidelines as iZettle AB tries to resolve its restrictions from Visa Europe for processing Visa transactions in the company's core market.

Starting today, the mobile payments company iZettle is saddled with a major restriction in not being able to accept Visa transactions in parts of Europe. Its problem serves as an example to rivals in the U.S. and overseas.

Juan Benitez, the new chief technology officer of Braintree Inc., expects to play a key role in the continued growth of the online and mobile payments provider.

CHARLOTTESVILLE, Va. – Credit unions “clearly outshine” banks when it comes to credit card rates, according to SNL Financial.

McLEAN, Va. – Credit card revenue margins have dipped at some major issuers in recent months as executives have cited intense competition for the most desirable customers and ongoing pressure from a sea change in regulation.

Fiserv is adding a host of mobile tools to its UChoose Rewards bankcard loyalty program, starting with a mobile app that lets customers redeem their rewards points on the spot in stores.