CardFlash News Briefs: TSYS – (Atlanticus); MAGICPAY (Nova); SHIFT4 (Chase); and USBSI (awards).
Despite, the lowest levels of delinquencies and net charge-offs, US credit card asset quality are expected to weaken modestly in 2016. The slowdown in asset quality improvement does not signal material credit deterioration over the near to intermediate term, but portfolio seasoning and recent growth will also weigh more heavily on credit quality metrics in 2016.
First Data has ankled Himanshu Patel as Chief Financial Officer. Patel has served as First Data’s Executive Vice President of Strategy, Planning & Business Development since June 2013.
MUFG Americas Holdings, a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, has ankled Donna Dellosso as the Chief Risk Officer for the Americas for MUFG Americas and its U.S. banking subsidiary, MUFG Union Bank.
Chase launched this week its annual speaker series featuring Delivering Happiness’ Jenn Lim. In addition to 20 invitation-only seminars across the country this fall, a live webcast will be broadcast via Chase YouTube on October 14 from San Francisco.
A new report suggests co-branded credit cards last year generated 31% of general purpose credit card purchase volume, or $809 billion among Visa, MasterCard, Discover and American Express branded credit and charge cards. Roughly 43% of U.S. adult consumers own at least one co-branded or affinity credit card.
Widely reported Chase has agreed to pony up $125 million regarding collections and sales of consumer credit card debt. An announcement is expected today. The CFPB has been on a rampage regarding credit card “add-on” products.
The vast majority of Americans (90 percent) recognize the importance that access to credit plays throughout their life, according to the new Chase Slate Credit Survey. However, when it comes to awareness of their personal credit health there are gaps. Nearly four-in-ten Americans (39 percent) admit they do not know their current credit score, and more than half (52 percent) do not know that paying bills on time is the factor that has the largest impact on their credit score.
Purchase volume at merchants for general purpose-type consumer and commercial credit, debit, and prepaid cards issued in the U.S. totaled $4.910 trillion, up 8.4% over 2013.
San Francisco-based NerdWallet is hitting the big time with $64 million in Series A funding round led by Institutional Venture Partners (IVP) with participation from RRE Ventures, iGlobe Partners and additional angel investors.
Prepaid card king Green Dot reported Q1/15 of 43% year-on-year (YOY) to $227 million. The Company was negatively impacted by approximately $12 million resulting from fewer reload transactions. Greendot also shuffled its CFO.
New research reveals that five years after the passage of the Durbin Amendment, debit rewards programs have rebounded such that 50-60% of financial institutions in the USA are offering debit rewards in one form or another.