Banking: Page 4
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CFPB imposes $8 credit card late fee rate
The Consumer Financial Protection Bureau finalized a rule that sets a “threshold” of $8 for late fees that can be imposed by large credit card issuers, and eliminates automatic inflation increases.
By Lynne Marek • March 5, 2024 -
Fiserv lines up FedNow clients
The mega processor has signed up 200 banks for FedNow, but now its clients are in search of use cases.
By Lynne Marek • March 5, 2024 -
Trendline
E-commerce drives digital payment advances
As e-commerce activity continues to climb, providers of digital payment tools are likely to keep evolving their online offerings.
By Payments Dive staff -
Amex cardholder data exposed in merchant processor hack
The point-of-sale attack on a merchant processor may have compromised card numbers, expiration dates and cardholder names, Amex said in a state regulatory filing.
By Caitlin Mullen • March 5, 2024 -
Cash App enforcement action expected this year
Federal regulators reviewing whistleblower allegations related to Block’s Cash App may act on the complaints this year, predicted an attorney for the complainants.
By Lynne Marek • March 4, 2024 -
Zelle transactions jumped 28% last year to $806B
The peer-to-peer payment app provided a performance update, with transactions volume and value both up about 30% from the previous year.
By James Pothen • March 4, 2024 -
Mastercard, Fiserv execs take sides on debit regulation
A Mastercard executive painted Regulation II as potentially harmful to consumers, while Fiserv’s CEO said it was an appropriate update due to the rise of online transactions.
By Caitlin Mullen • March 4, 2024 -
CFPB puts credit card comparison sites on notice
The bureau seeks “to ensure that digital advertisements for financial products are not disguised as unbiased and objective advice,” CFPB Director Rohit Chopra said.
By James Pothen • March 1, 2024 -
Green Dot faces Fed’s proposed consent order
The digital bank set aside $20 million to cover a potential penalty stemming from compliance risk management issues predating the company’s current management.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Fiserv ponders M&A
CEO Frank Bisignano declined to comment Wednesday on a potential acquisition of Shift4, but would like to see Fiserv make more purchases that further its digital capabilities.
By Caitlin Mullen • Feb. 29, 2024 -
Opinion
Discover deal may trigger more competition
The merger at least raises the possibility that there won’t be two card networks that dominate the future of tokenized transactions, writes one fintech lawyer.
By Ravieshwar Singh • Feb. 28, 2024 -
Capital One tackles Discover compliance issues
Capital One is betting the resolution of Discover’s compliance issues will take longer and cost more than expected, Capital One CEO Richard Fairbank said.
By Caitlin Mullen • Feb. 28, 2024 -
Warren calls out OCC over merger policy ahead of Capital One-Discover
The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.
By Dan Ennis • Feb. 27, 2024 -
Column
Fed official makes a case for the dollar’s hegemony
Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.
By Lynne Marek • Feb. 27, 2024 -
FIS ex-CFO stays to oversee Worldpay transition
Erik Hoag, a long-time FIS executive who stepped down from the CFO seat in August after just one year, was named chief integration officer.
By Maura Webber Sadovi • Feb. 27, 2024 -
Q&A
Capital One-Discover deal may spur payments M&A
The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Company.
By Caitlin Mullen • Feb. 27, 2024 -
FIS promises expanding profit margins
Fidelity National Information Services promised bigger profit margins this year from its newly reconfigured business focused on banking and capital markets.
By Lynne Marek • Feb. 26, 2024 -
EWS launches wallet in South Carolina, Arizona ahead of wider rollout
Launching the Paze wallet will require preloading about 150 million cards, meaning the launch will occur as “more of a ramp up over a few months,” EWS Managing Director James Anderson said.
By James Pothen • Feb. 26, 2024 -
Congress members lob dueling gun code bills
Democratic and Republican Congress members took opposing stances this month in introducing bills on the use of a new gun merchant category code.
By Caitlin Mullen • Feb. 26, 2024 -
Capital One-Discover deal carries $1.38B termination fee
The fee would apply if Discover chooses another buyer or if either board has a change of heart, but not if regulators block the deal.
By Dan Ennis • Feb. 23, 2024 -
Google Pay app to be retired in US this year
“To simplify the app experience, the U.S. version of the standalone Google Pay app will no longer be available,” the tech giant said in a Thursday blog post.
By James Pothen • Feb. 23, 2024 -
PayPal finance exec jumps to Flywire CFO seat
Cosmin Pitigoi’s appointment comes six months after Flywire announced its long-time finance chief would be exiting.
By Maura Webber Sadovi • Feb. 23, 2024 -
Cash-strapped consumers turn to BNPL: Fed survey
Consumers facing financial hardships turned to buy now, pay later services more last year than stable consumers, according to survey results from the Philadelphia Federal Reserve Bank.
By Tatiana Walk-Morris • Feb. 23, 2024 -
CFPB may take legal action against Block
The bureau has informed the digital payment company it’s weighing legal action related to a Cash App probe.
By Caitlin Mullen • Feb. 23, 2024 -
OCC’s Hsu calls for federal payments licensing
The head of the OCC called on Congress to replace the current state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.
By James Pothen • Feb. 22, 2024 -
Mastercard to be dinged by Discover deal
While both Mastercard and Visa will be impacted by Discover Financial Services’ plan to be acquired by card issuer Capital One, the former is likely to bear the brunt of the blow.
By Lynne Marek • Feb. 21, 2024