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.
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