Payments

ST. LOUIS-Lawyers for Minnesota's TCF Bank told a federal appeals court last week that the Fed's proposed cap on debit fees amounts to an unconstitutional "taking" of its assets, in a last-ditch effort by banks and credit unions to block the Fed's final rule.

A San Francisco-based startup called Card.io is offering software that enables cell-phone cameras to scan credit card information, thus moving ecommerce from the Web to mobile.

JPMorgan Chase & Co. has dropped more than a thousand collection lawsuits across the U.S. that sought to recover bad credit card loans from borrowers.

RIVERWOODS, Ill. – Discover Financial Services posted a record second-quarter profit yesterday, based on rapid growth in debit income and lower loan losses.

MINNEAPOLIS – General Mills FCU said yesterday it has begun a start-up credit card program with TMG Financial Services.

Users of the check-in service Foursquare now can automatically redeem deals offered by merchants on the social-media application using an enrolled American Express Co. card.

Billtrust has launched a mobile edition of its online billing and payment software, the company announced July 21.

Mobile-payments service provider ChamsMobile Ltd. soon will launch mobile funds-transfer services in Nigeria, enabling citizens there to make payments for retail purchases and receive remittances from overseas connections.

Mobile-payments service provider ChamsMobile Ltd. soon will launch mobile funds-transfer services in Nigeria, enabling citizens there to make payments for retail purchases and receive remittances from overseas connections.

The rise of online and mobile banking plus new regulatory pressure on debit card interchange are converging to spark explosive growth in credit and debit card merchant-funded loyalty programs, a new report suggests.

The announcement last week by several telecommunication companies of plans to create a joint venture to fast-track mobile-payments processing potentially has broad implications for the mobile-payments market in Europe. But the companies have worked together before with little resulting success.

Despite various warnings, many young adults feel empowered by credit card and student loan debt, suggests a recent national study by a team of sociology researchers examining the connection between debt and self-esteem.

HARRISBURG, Penn.-One week following the defeat of a bill to delay the Durbin Amendment-and perhaps just days before the Fed comes out with its final rule on debit interchange, a number of CU CEOs say they are still not ready to pull the trigger on plans to make up for lost revenue that is likely headed their way.

ARLINGTON, Va.-As both CUNA and NAFCU now focus lobbying efforts on impacting the final Fed rule on debit interchange, NAFCU President Fred Becker urged credit unions to have plans firmly in place to make up for the potential loss in revenue.

LIVONIA, Mich.-Not all state legislatures and regulators have been content to let the federal government push through new debit interchange rules established by the Durbin amendment.

NEW YORK-NerdWallet, which bills itself as the "first .org credit card search site," has expanded its card search tool to include credit unions. The site had previously included 500 bank issuers of cards, and has now added cards from 1,200 credit unions.

NEW YORK-American Express Co. is trying to take prepaid debit cards-typically targeted at underbanked consumers-upmarket.

NEW YORK-American Express Co. is making its boldest move yet in the prepaid market by introducing a reloadable card that carries almost no fees.

Despite efforts by major card companies to promote the speed and excitement of using mobile phones to pay, it likely will take more than glitzy marketing to convince consumers to use such services, according to a Federal Reserve strategist.

The average consumer credit card default rate for most large issuers declined again in May, likely bringing the charge-off rate close to 7%, suggest preliminary data from Moody’s Investors Service.