The Federal Reserve Board has announced the consolidation of two internal advisory committees on payments system matters, the Payments System Policy Advisory Committee and the Payments System Development Committee.   » Continue Reading

JP Morgan Chase reported first quarter financial results this morning. The dynamics reported in its card business this quarter include revenue essentially flat but net income up substantially - 73 percent - over the prior year due primarily to lower bankruptcy-related credit losses. As with some other issuers this quarter, Chase reported a 5.6 percent decline in its outstanding loans over the prior quarter as consumers paid off balances at an accelerated rate - at least partially due to changes in the minimum payment amount due on outstanding balances.

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