Payments/Credit/Debit

CO-OP Financial Services' acquisition of Members United Corporate FCU's SHARE SYSTEM ATM and debit card program is complete, the two organizations announced today.

An executive with The Members Group, a credit card processing CUSO affiliated with the Iowa Credit Union League, warns credit unions to adopt a more nuanced and heightened card fraud awareness this summer.

Two credit unions, one in Texas and the other in Michigan, have recently been recognized for the ways they have used creativity and enthusiasm to rebut the myth that credit unions cannot successfully manage credit card issuing.

House and Senate conferees will tackle the issues of greatest interest to credit unions in the financial overhaul when they meet later today.

The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.

NAFCU President/CEO Fred Becker said he and his organization are "greatly disappointed," by the House's proposal on interchange fees that keeps most of the language in the Senate-passed amendment.