News

TNB Card Services, the card portfolios servicing and purchasing arm of credit union owned Town North Bank, has purchased the credit card portfolio of the $330 million Island Federal Credit Union headquartered in Hauppauge, New York.

In the midst of an "aggressive growth" campaign, <em>FAIRWINDS</em> Credit Union has hired three banking veterans to ramp up its business services division.

The market for credit union credit card portfolios is getting a bit more competitive.

Roger Little, Michigan deputy commissioner of credit unions, wrote a letter last week (2007-CU-05) reiterating the tax-exempt status of Michigan state chartered credit unions.

The California Court of Appeals for the 5th District has ruled that Federal Credit Unions are not immune from paying punitive damages by virtue of their being federally chartered credit unions.

The Federal Reserve Board and Treasury's Financial Crimes Enforcement Network have announced $65 million in penalties assessed against American Express Bank International and American Express Travel Related Services Company, Inc. for violations of the Bank Secrecy Act.