The Latest
-
Judge partially halts Illinois law ending card fees for taxes, tips
Banks seeking to halt a new Illinois law that bars credit card interchange fees on taxes and tips succeeded on one front, but not another, at least for now.
-
Opinion
Why enabling FedNow ‘send’ matters
Financial institutions that “fail to adopt both send and receive functions may be exposing their organizations to competitive disadvantages as well as reputational risks,” writes one industry executive.
-
Amex pays $230M to resolve DOJ allegations
The credit card giant misrepresented features of some credit cards targeting small businesses and entered false information on card applications, the Justice Department alleged.
-
Block agrees to pay $255M to regulators for Cash App deficiencies
The digital payments provider agreed to pay penalties to the Consumer Financial Protection Bureau and a group of states under settlements that alleged the company violated banking laws.
-
Shift4 makes $4.7M in undisclosed payments to executives’ relatives
The payments were made over a three-year period beginning in 2020, and were not listed in some filings with the Securities and Exchange Commission. As a result, the company agreed to pay a fine under a settlement last week.
-
Card fraud losses will increase over next decade
Fraud losses in card payments will continue to rise worldwide, the research firm Nilson Report said this month, predicting $404 billion in global losses over the next ten years.
-
Q&A
How AI makes payments faster, cheaper
Artificial intelligence can simplify payment transactions for merchants, Davi Strazza, president of North America for Adyen, said in an interview.
-
Mastercard agrees to pay $26M to settle discrimination lawsuit
The card network entered the agreement to settle a proposed class action that alleged it discriminated against Black, Hispanic and female employees by underpaying them.
-
Buy now, pay later users pile on debt, CFPB finds
Consumers who use BNPL take out multiple loans and have more personal debt than consumers who don’t use the payment method, according to a new report from the Consumer Financial Protection Bureau.
-
Payments laws apply to online games, CFPB says
Video game companies that operate online gaming platforms must comply with the Electronic Fund Transfer Act, the agency said.
-
CFPB picks FDX to set open banking standards
The nonprofit will craft standards for consumer data sharing between financial institutions for the next five years.
-
RTP payments surged 38% last year
The high-speed payments system operated by The Clearing House also saw the value of transactions nearly double last year over 2023.
-
Ally lays off hundreds of employees
The digital bank also said this month that it’s exploring strategic alternatives for its credit card business.
-
Deep Dive
Payments plays gather momentum in 2025: 6 industry trends to watch
Deregulation, artificial intelligence and stablecoin use are among the industry forces that will drive more digital payments use and innovation this year.
-
FTV Capital raises $4B for more B2B investments
The venture capital firm with a fintech focus said the latest fundraising brings the total raised since its founding to $10.2 billion.
-
Fintech Dave alters fee structure, blasts DOJ over amended lawsuit
The cash advance online platform called the lawsuit “a continued example of government overreach.”
-
Sezzle challenges critical research from short-seller firm
The buy now, pay later firm argues that a recent Hindenburg Research report highlighting a decline in users and merchant partners overlooks important context and details.
-
Q&A
How ACI Worldwide is deploying AI
The payments software company has artificial intelligence delivering efficiencies in several areas of its business, CEO Tom Warsop said recently.
-
Column
Will Trump and Sanders lock arms to cap credit card interest rates?
The senator and incoming president partnering on a cap proposal may not be as far-fetched as the payments and banking industries would hope.
-
Payments player Tranch acquired by legal services firm
Both companies provide services to law firms worldwide, and the acquirer, Elite, says the merger will help expand its product offerings.
-
CFPB details BNPL, EWA supervision for first time
In its latest supervisory overview, the Consumer Financial Protection Bureau included a review of buy now, pay later and earned wage access examinations.
-
How ‘frictionless’ payments may benefit, hurt consumers
Such digital payments can slash transaction times, improve data security and provide valuable insights into consumer purchasing behavior and preferences.
-
Merchants, banks spar over Fed’s debit card fee proposal
Major trade groups for merchants and banks engaged in another round of fighting last week over whether the Federal Reserve should finalize a lower debit card interchange fee rate.
-
Debit card decline issue persists for Affirm
The buy now, pay later firm has a team working to correct a problem with some customers experiencing debit card declines, the company CFO said in December.
-
Walmart forced delivery workers to pay ‘junk fees,’ CFPB alleges
A Consumer Financial Protection Bureau lawsuit alleges the retailer and fintech Branch Messenger illegally opened accounts for drivers, and deposited their pay into accounts without their consent.