Bank of America is leaving the business of issuing credit cards on behalf of credit unions.

Typically the bank's card issuing arm, FIA Card Services, has purchased credit card portfolios from credit unions and then continued to issue the cards in the credit unions' names, often in five-year contracts.

But sources in the card industry say the bank has concluded that the agent card issuing business is no longer key to its core operations and has decided to discontinue it.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Management
Payments/Credit/Debit