Payments/Credit/Debit

Credit unions and other financial institutions can't charge overdraft fees at ATMs or on one-time debit card transactions unless the consumer consents, or opts in, as a result of rules that the Federal Reserve approved today.

California Assemblyman and candidate for Attorney General Pedro Nava has announced that the Assembly Banking and Finance Committee, which he chairs, will hold at least one hearing in January 2010 to investigate credit card interchange rates.

President Obama on Friday signed a bill giving credit unions and other financial institutions more flexibility on providing notification to consumers about non-credit card accounts.

Just over three months away from the launch of the Vancouver 2010 Olympic Games, Visa Inc. has launched an advertising campaign meant to warm consumers to both the event and its own card brand.

TMG Financial Services, the credit card portfolio purchasing and issuing arm of The Members Group, reported that 34 credit unions have sold the firm their credit card portfolios.

A survey of consumers who visited its Web site indicated that many intend to put less on credit cards for holiday celebrations this year, according to the National Federation of Credit Counselors.