One of the leading network-branded prepaid card issuers in the US is Meta Payment Systems, a subsidiary of Meta Financial Group. MFG reported financial results for the first quarter 2009 earlier today - and included a business segment breakout report for MPS. MPS' results included quarterly net income of $3.5 million and revenue of $36.4 million, up 139% from the same quarter last year. MPG also reported the filing of eight patents during the quarter (three provisional and five non-provisional and international) and 32 patents since the inception of MPS relating to the addition of functionality and ancillary products to prepaid cards.

President Obama held a Town Hall meeting today in Rio Rancho, New Mexico on the subject of credit card reform. A full transcript of the meeting is available online.

In an article titled "What Does Your Credit-Card Company Know About You?" scheduled to be published in this Sunday's New York Times Magazine, Charles Duhigg takes a look at how credit card issuers have gotten interested in psychology - to help predict consumer behavior.

MasterCard Advisors has published a new edition of its newsletter, The Advisor. This issue is a special edition that offers strategies and tacties to US credit card issuers to "survive the current financial crisis in the short term and to retool for renewed profitability in a new era of more responsible spending."

The May issue of Cards&Payments magazine has arrived with its annual survey of US bank card issuer profitability - finding that 2008 revenues grew 10% over 2007 to $129.6 billion while expenses grew 14% to $102.4 billion (primarily driven by a 52% increase in credit chargeoffs). After-tax profits declined about 3% to $17.7 billion. Purchase volume on credit cards grew less than 1% to $1.37 trillion.

TSYS announced today that it would begin processing Visa-branded prepaid cards for the Japanese market in July 2009. The prepaid cards will be issued by Travel Bank Inc., a financial services company that is part of the JTB Group. Consumers can use the cards to make payments at Visa merchants when traveling overseas or to withdraw cash from Visa ATMs. READ MORE »

• As Breadth of Charge-offs Grows, Credit Unions Step Up Intervention Efforts
• Washington Post: Credit Card Practices Topic A at Obama Town Hall
• Telegraph (UK): Visa tests out card with inbuilt computer to stop fraud
• AP: Obama continues push for credit card bill
• Washington Post: Democrats shy from debate on interchange fees
• Alternative Payment Solution Provider Cred-Ex To Launch Its New Merchant Advantage Program
• Fiserv Helps U.S. Institutions Zero In on Core Funding Opportunities
• MoneyGram International Adds We Energies to Growing List of Utilities Offering Expedited Payment Solutions
• Alliance Data Signs Long-Term Expansion and Extension Agreement to Provide Private Label Credit Card Services for Tween Brands' Limited Too/Justice Brands