AmEx and Jean Chatzky Launch Money Program

With 62% of parents looking for ways to teach their kids about the importance of money management before they overspend, American Express and Jean Chatzky personal finance expert have introduced “The National Money Night Talk” program to encourage families to engage on money and financial responsibility. The Program is available through www.moneynighttalk.com, where parents can sign a pledge that they will talk to their kids about money and access exclusive Jean Chatzky videos and resources endorsed by the Council for Economic Education, based on the organization’s national content standards. The free online resource (www.moneynighttalk.com) is available in three different tracks based for middle school, high school and college students and features videos, frequently asked questions and talk points to help parents start and sustain the money dialogue beyond “National Money Night.”

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Credit Card Debt Drops Below $830b Mark

Consumer revolving credit, mostly credit card debt, continued its downward trend in June, posting its ninth
consecutive monthly decline. Since peaking at $977 billion in 3Q/09, Americans have chopped-off about
$125 billion in revolving credit. According to new and revised data released by the Federal Reserve, revolving credit now stands at 826.5 billion and declining at an 6.5% annual rate. In May, revolving credit declined to a revised $831.0 billion reflecting an annual contraction ratio of 11.2% while April was down 11.8% to $838.1billion. Lower credit limits, reduced personal income and a building aversion to personal credit continue to be cited as factors for the sluggish growth. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was about $826.5. Store and gas credit cards had about $105 billion in outstandings at year-end 2008.

REVOLVING CREDIT HISTORICAL ($billions)
Apr10 May10 Jun10
GRWTH: -11.8 -10.2 -6.5
$OWED: $838.1 831.0 826.5

Source: Federal Reserve; revised figures as of 8/12/10;
For complete historical data, visit CardData (www.carddata.com)

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FIS

FIS banking and payments technology, has inked a binding memorandum of understanding with Banco Bradesco for its “Fidelity Processadora e Servicos” card processing joint venture. Under the ten-year services agreement, ‘FPS’ will provide comprehensive, fully outsourced card processing, call center, collection and back office services for Banco Bradesco’s private label and bankcard portfolios. ‘FPS’ and Bradesco are working to complete the conversion of Bradesco’s 14 million bankcards during the fourth quarter of 2010, bringing the total number of cards processed on behalf of all FPS clients to more than 40 million.

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ECB Deploys InfoTech Alliance Bank Services

ECB has signed an agreement with InfoTech Alliance Bank Services to implement the FIS integrated “HORIZON” banking system. The “HORIZON” flexible core banking solution featuring open architecture and advanced technology involves minimal risk and disruption to business operations and customers. InfoTech Alliance currently provides item processing services for ECB, which decided to extend its relationship to include HORIZON core account processing services and a host of other integrated technology solutions after a thorough evaluation. FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide.

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CRS & YESPAY

Canadian Retail Solutions (CRS) is now able to offer its flagship Retail Pro POS Software integrated with YESpay International’s end to end “EMBOSS” EMV Chip and PIN accredited and PCI-DSS Level 1 certified managed payment service. Canadian Retail Solutions (CRS) specializes POS Systems for small to mid-sized Canadian merchants operating in multi-store environments and chose to integrate with EMBOSS after extensive research and their own internal development of EFT solutions. Already integrated and rolled out with merchants in UK, Retail Pro is now available in Canada. Integrated with EasyV-Retail, Retail Pro now constitutes a unique proposition for inventory management as well as EMV Chip and PIN and magnetic stripe credit and debit card acceptance and processing for merchants operating from estates of all sizes.

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Bling Nation Inks 2 New m-Payments Agreements

American National Bank and Guaranty Bond Bank now offer Bling Nation mobile payments to their customers and the community with the “BlingTag” microchip sticker. The mobile payments service connects financial institutions, businesses and consumers through tap-and-pay for purchases at the POS. Customers with a checking account at either bank can easily sign up and, for each purchase, the consumer receives a transaction confirmation and account balance by text message. Since the “BlingTag” does not store any personal information, it offers more security than traditional plastic cards and reduces the risk of identity theft and fraud.

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DISPOSABLE INCOME

Among the British population, 35% disclosed their intentions to take more spending money on their holidays this year than last. Another 43% plan to spend the same and only 13% planning to spend less. These findings, according to a YouGov survey commissioned for “BreadFX Prepaid Euro” MasterCard, also showed 30% of GB adults either buy currency at the airport or at their destination or use their UK debit or credit card. The “BreadFX” MasterCard can be ordered online, is accepted at some 30 million outlets worldwide where the MasterCard Acceptance Mark is displayed and to draw cash from an ATM.

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July Bankruptcies Up 9% Since Last Year

July U.S. consumer bankruptcy filings were up 9% since the year ago period and totaled 137,698 nationwide, a 9% increase over the 126,270 consumer filings recorded in June 2010, according to the American Bankruptcy Institute (ABI). Data from the National Bankruptcy Research Center (NBKRC) showed chapter 13 filings constituted 28% of all consumer cases, the Bankruptcy Code available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part.

BANKRUPTCY FILINGS
Jun 09: 116,345
Jul 09: 126,434
Aug 09: 119,874
Sep 09: 124,790
Oct 09: 135,913
Nov 09: 112,152
Dec 09: 113,274
Jan 10: 102,254
Feb 10: 111,693
Mar 10: 149,268
Apr 10: 144,490
May 10: 136,142
Jun 10: 126,270
Jul 10: 137,698
Source: ABI/NBKRC; CardData.com

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Consumer Confidence Drops to 4 Points on Index

The Conference Board Leading Economic Index (LEI) for The United States dropped off in July to 50.4 (1985=100). With this decrease, the Conference Board LEI for The United States was down from 54.3 in June. These results were thanks to those disclosing conditions are “bad” increased to 43.6% from 41.0%; those claiming jobs are “hard to get” increased to 45.8% from 43.5%, while those saying jobs are “plentiful” remained unchanged at 4.3%; the consumers expecting an improvement in business conditions over the next six months decreased to 15.9% from 17.1%; and those expecting more jobs in the months ahead decreased to 14.3% from 16.2%.

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ATMmarketplace.com Releases Study on mBanking

ATMmarketplace.com online trade publication released its “Mobile Banking: Future Trends and the State of the Industry” research report to help financial industry executives discover what people really want from mobile banking. The report also discloses how banks can use it to increase their ROI and what tactics are being used by competing banks and credit unions. It gives experts insight to what kind of investment financial institutions are making in mobile banking and how much they plan to invest in the future; how important mobile banking is to consumers when choosing a financial institution; what services consumers would be interested in receiving from a mobile banking application; and how to market mobile banking to customers.

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Chicago Has Little Faith in Economy

With the number of Chicago residents who feel that they are better off today than in September 2009 is up three points to 16%, 60% believe the economy has not yet hit bottom, compared with 62 percent nationally. This, compared to September when 52% believed we still had a ways to go and 34% said we had already hit bottom.Only 53% of Chicagoans believe that local business conditions will get somewhat (47%) or much (6%) better in the next 12 months – a 14-point decline since September. This, according to Citi, also shows 63% are somewhat (47%) or very (16%) optimistic that their own financial situation will get better over the next 12 months; 22% believe their local economy is good or excellent; 64% believe it is only a fair (30%) or poor (34%) time to buy a major household item; and 55% will not take any vacation at all this summer, more than 51 percent nationally. Additionally, 38% are somewhat (24%) or very (14%) uncomfortable with their current level of debt, a six-point increase since September, and five points higher than the country overall (33%).

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