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GLG News by Core Bank Processing Experts

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April 10, 2008
Oh My ! No More Regulations
Analysis of: Interchange act coming back stronger | www.greensheet.com
Author: GLG Expert Contributor
1.  Free Market at Jeopardy 2.  Merchants want everything free 3.  If it costs to much, eliminate acceptance Merchants have groaned for years about interchange rates though they have benefited from the billions of invested dollars to manage risk offered by the card associations and...
April 10, 2008
Fannie, Freddie and FHLB's are providing funding for now.
Analysis of: Fannie and Freddie drive home loans | www.ft.com
Author: Joseph Smith, President & CEO, Default Mitigation Management
Through mid 2008 these will continue to be the drivers of home loan financing. Coming up quickly will be HUD/FHA. The unkown related player will be community banks, credit unions and small regionals. There is a problem that is already surfacing, add on fees by the banks using these groups for fundi...
April 10, 2008
Pay By Touch Fades To Black After Chapter 11 Bankruptcy and Contentious Boardroom Battles
Analysis of: Pay By Touch Fades into History As Lenders Buy Core Assets | www.digitaltransactions.net
Author: Kamala Worthington, Former VP, Marketing Product Manager, Bank of America Corporation
Pay By Touch fades to black after filing Chapter 11 Bankruptcy reorganization in December 2007 and enduring contentious boardroom battles to decide the fate of the company. Pay By Touch used biometrics to authenticate consumers at the POS (Point-of-Sale) for secure check cashing and ACH based purchases....
April 10, 2008
MasterCard attempts to get in the US online debit game
Analysis of: MasterCard to introduce new debit processing platform | www.finextra.com
Author: GLG Expert Contributor
MasterCard, which has long been a laggard in the US pin-debit market, continues to improve its offer and match-up against Visa, Star, NYCE, Pulse and Accel. It’s now positioned to move from the back of the pack and through additional processing to capture more of its transactions’ value.  
Bill BradwayApril 10, 2008
WaMu Takes $7 Billion; Pain for Some, Gain for New Investors
Analysis of: WaMu's Costly Rescue | online.wsj.com
Author: Bill Bradway, Founder & Managing Director, Bradway Research, LLC
Washington Mutual (WaMu) cut a deal with TPG and other investors for a $7 billion capital injection by issuing common stock and preferred convertible stock. In addition, 1st quarter write offs of $3.5 billion contributed to an estimated first quarter loss of $1.1 billion. Clearly WaMu needs capital,...
April 8, 2008
Discover Diners Club acquisition a coup
Analysis of: Discover Taps Diners Club as Diversifier | www.americanbanker.com
Author: GLG Expert Contributor
Discover continues to play a relatively weak hand well against American Express, MasterCard and Visa. In Diners Club it acquired a meaningful international acceptance network, increased visibility and volume for its underappreciated network business, and added a payment brand decidedly different from...
April 8, 2008
As Check Volumes Plummet The Fed Speeds Up Infratructure Changes
Analysis of: Plunging Check Volumes Spur Fed to Speed up Downsizing Efforts | www.digitaltransactions.net
Author: Kamala Worthington, Former VP, Marketing Product Manager, Bank of America Corporation
Since the passage of the Check 21 Act in October 2004, significant changes have occurred in traditional check processing. Banks, credit unions, image networks and the Federal Reserve are working to build the infrastructure to transition banks and credit unions to 100% electronic check imaging/exchange...
April 8, 2008
CITGroup Closes Its Wallet To Student Lending
Analysis of: CIT Ceases Student Loan Originations | www.bloomberg.com
Author: Kamala Worthington, Former VP, Marketing Product Manager, Bank of America Corporation
CIT Group drew down emergency credit lines totaling $7.3 billion in March 2008, after being cut off from customary sources of cash, forcing CIT to scrap its government-backed student loan program on 4.3.08. Due to its weak position, CIT may be a prime takeover target. The lack of investor demand has...
April 7, 2008
Writedowns At Global Banks Has Topped $292 Billion; Leading To Record Job Losses
Analysis of: Lehman Sees Banks, Others Writing Down $400 billion | www.reuters.com
Author: Kamala Worthington, Former VP, Marketing Product Manager, Bank of America Corporation
Writedowns at global banks has surpassed $291 billion and the "writedown" meter continues to tick and could reach $460 billion or as high as $1.2 trillion by year-end 2008. U.S. financial institutions will account for about 40% of losses. Credit losses has prompted leveraged institutions to raise new...
April 4, 2008
Be Careful What you ask for you might get it.
Analysis of: Overdue Consumer Debts Highest Since 1992, ABA Says | www.bloomberg.com
Author: Joseph Smith, President & CEO, Default Mitigation Management
It looks like the legislative solution is not getting off the ground again as far as working out loans. The proposals that have come out are mainly directed at going forward purchasers, builders and cities. So much for the defualted borrower. The ideas that were being floated carried their own risk

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