Payments/Credit/Debit

TMG Financial Services, the card portfolio purchasing and agent issuing subsidiary of The Members Group, will start an agent-issued card portfolio for the Desjardins Bank of Florida.

CO-OP Member Center is marking its first year as a CO-OP Financial Services subsidiary, a year in which it added credit union clients in 16 states and the District of Columbia, the big CUSO said.

Even though last year's financial reform package reduced debit card interchange for big financial institutions, an consultancy that specializes in financial institutions says smaller institutions will also take a hit.

A new white paper from the CUNA CFO Council looks at the risks credit unions need to be aware of with third party relationships.

Many credit unions that sold their credit card portfolios in 2006 and 2007 and entered into agent issuing agreements should start actively considering those agreements in 2011 and 12, according to CU card consultants.

This year, 57% of American consumers plan to spend as much or more than they did last year at the holidays -compared with 54% last year-according to a survey released by CUNA and the Consumer Federation of America.