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Tuesday, March 31, 2015
Move by Retailers Could Take Big Bite out of Interchange Income
Credit unions stand to lose significant interchange fee income in the event that big retailers follow the lead of Walmart in switching from signature debit transactions to PIN-based transactions when customers swipe their debit cards upon making purchases.
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ST. PETERSBURG, Fla. — The board of directors of PSCU, the credit union service organization, announced that it has named Chuck Fagan as its president and CEO, effective April 27. more »
WASHINGTON—CUNA has filed an amicus brief in a Florida lawsuit the trade group believes could drive credit unions right out of the credit card business. more »
If you thought American Express' loss Thursday of a big antitrust case would help its rivals, think again. Visa, MasterCard, and even card-issuing institutions could be hurt by the race to lower merchant fees that the ruling will set off. more »
The New York Credit Union Association (NYCUA) announced that it has signed a letter of intent to sell its card services subsidiary Covera Solutions Inc., to CO-OP Financial Services. more »
With the EMV deadline looming ever closer — now fewer than eight months away — card issuers need to start ramping up consumer education efforts. more »
American Express, the biggest U.S. credit-card issuer by customer purchases, said its co-brand and merchant agreements with Costco Wholesale in U.S. stores will end next year. more »
RANCHO CUCAMONGA, Calif. — CO-OP Financial Services announced that it will re-launch its mobile banking application called "CO-OP Mobile." more »
ST. PETERSBURG, Fla. — PSCU EVP and COO Tom Gandre has been placed at the helm as acting CEO of the CUSO, where he replaces outgoing CEO Mike Kelly, who has been dismissed by the board. more »
By linking mobile payments with money transfers, Western Union created a new use for Apple's mobile wallet. But it must still rigidly conform to the basic requirements of an Apple Pay transaction — without a bank account, there is no payment. more »
While Visa and MasterCard aren't yet applying the same level of pressure for tokenization security as they are for EMV-chip cards, the card networks' CEOs are clear that this technology is their new expectation for e-commerce. more »
The Federal Reserve System released a detailed vision Monday for improving the speed of the U.S. payment system. more »
WASHINGTON — While many banks are concerned about risk returning to the credit card marketplace, their credit union counterparts do not share those fears. more »
HOUSTON — ATM networks Allpoint and STAR have renewed their relationships, allowing member institutions and cardholders continued surcharge-free access to the Allpoint network throughout the United States. more »
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Chicago, IL
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Exit Interview
After 42 years at the credit union, outgoing Michigan State University FCU CEO Pat McPharlin recently looked back -- and forward -- in this brief interview one day before his retirement.
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