Glenbrook Partners, a leading financial services consulting and research firm, has named Jacqueline Chilton as a partner in the firm. As a respected consultant in the payments industry, Jacqueline offers clients expertise in opportunity assessment, strategy development, and business case justification across multiple disciplines including payment cards, risk and compliance, and processor platforms. READ MORE

Fitch Ratings reports that credit card chargeoffs in June were 10.44%, 62% higher on a year over year basis. 60+ day delinquencies set yet another record high at 4.45% this month after dropping seven basis points (bps) in May. Given delinquency and bankruptcy trends, Fitch expects chargeoff increases to decelerate in the coming quarter, although actual improvements are not foreseen at this time.

Yesterday, the Department of the Treasury sent to Congress specific language for a bill that would create the Consumer Financial Protection Agency.

The agency will be dedicated to looking out for American families when they take out loans or use other financial products or services – with a mission to promote access and protect consumers from unscrupulous practices across the market. This new agency will implement and enforce the new credit card bill signed into law by President Obama and Congress and have authority to combat the worst abuses in mortgage markets. This legislation creates an agency to promote transparency, simplicity, fairness, accountability, and access – laying the cornerstone for the effort to fundamentally reform our system of financial regulation.

In an article titled "Banks Balk at Agency Meant to Aid Consumers", Edmund L. Andrews writes for the New York Times that "banks and mortgage lenders are placing top priority on killing President Obama’s proposal to create a new consumer protection agency."

NYCE Payments Network has published results from a consumer survey finding that "consumers who limit their online shopping say they would make more purchases online if their financial institution offered them a safe payment method." A summary presentation on the survey findings is available online. READ MORE

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