Payments/Credit/Debit

CUNA and NAFCU have signed a letter with two banking associations urging senators to defeat an amendment aimed at reducing interchange fees that the trade groups say would decrease the availability of credit.

TNB Card Services is selling its $300 million agent-issued card portfolio to Elan Financial Services, a subsidiary of U.S. Bancorp.

The departure of TNB Card Services from the credit union-owned credit card portfolio market leaves CUs with a sharply different market for their card assets.

With a Senate debate and a presidential town hall meeting on the subject, proposed changes to the rules regarding credit cards will receive considerable attention this week.

CO-OP Financial Services has announced an upgrade to one of its products that, it says, credit unions can use to maximize their ATM and debit card revenue

Robert Carr, the CEO of Heartland Payment Systems, reported that the processors' 2008 card data security breach has cost the firm almost $13 million.