The issue of revenue that banks and credit unions make from transactions on their debit cards moved from the obscure corners of the financial services industry into the national spotlight last week as the Federal Reserve's debit interchange cap came into effect.
Retailers received $1.7M in interchange fee savings from just one processor over three days.
Rep. Brad Miller's bill would prohibit financial institutions from levying fees or charges once they received a request to close an account.
Former St. Paul Croatian FCU President/CEO Anthony Raguz, whose actions helped trigger one of the largest credit union failures in history, pleaded guilty on Sept. 29 to six criminal counts, including bank fraud, money laundering and bank bribery in federal court in Cleveland.
Durbin amendment poised to set commerce for many consumers back 60 years.
Cases typically involved keylogging malware that ended up with money transferred overseas.
Members of the 121 Financial Credit Union in Jacksonville, Fla., will now be able to send person-to-person payments to anyone with a cellphone number or e-mail address.
Jacksonville, Fla., credit union adds person-to-person service to online offerings.
Fourteen credit unions and organizations that work with credit unions received $1.5 million each from the latest round of awards from the U.S. Treasury's Community Development Financial Institutions Fund. Their totals were part of more $28 million that went to 27 credit unions and supporting organizations.
NCR Corp., one of the two largest ATM manufacturers, is hard at work on a prototype ATM that it hopes will enable financial institutions to better reach out to underserved populations and help bring ATMs up to a new standard.