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

Explore the Trendline➔

Payments industry seeks to keep pace with fraudsters

As losses from fraud in payments have climbed, companies are seeking new tools to combat illicit schemes.

By Payments Dive staff

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

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

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

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

Capital One-Discover deal may spark antitrust concern

While the $35 billion acquisition is expected to prompt antitrust concerns related to consumer card lending, regulators may see competition benefits in the card network arena.

By Caitlin Mullen • Feb. 21, 2024

Warren probes Zelle scam policy

Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

By James Pothen • Feb. 21, 2024

Capital One to acquire Discover in $35.3B deal

The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

By Dan Ennis • Feb. 20, 2024

Senator calls card CEOs on congressional carpet

Sen. Dick Durbin, sponsor of a card network competition bill, urged the CEOs of Visa and Mastercard to appear at an April congressional hearing and not send their underlings.

By Lynne Marek • Feb. 14, 2024

Yellen asks Congress for stablecoin legislation

Treasury Secretary Janet Yellen renewed a call for Congress to act on digital assets, saying “there is no appropriate regulatory framework.”

By James Pothen • Feb. 13, 2024

Amex gears up for bigger bank category

Given its asset growth, the card issuer anticipates facing more stringent regulatory requirements and more frequent stress tests.

By Caitlin Mullen • Feb. 13, 2024

More than half of P2P fraud victims lose money: AARP

“When it comes to addressing instances of financial exploitation, consumers are less likely to trust P2P platforms than banks and credit unions,” an AARP survey reported.

By Tatiana Walk-Morris • Feb. 12, 2024

Card networks to implement gun code in California: report

Visa, Mastercard and American Express are moving forward with use of a new gun merchant category code for credit card purchases in California, according to CBS News.

By Caitlin Mullen • Feb. 12, 2024

Banks should step up scam response: fraud expert

With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, says one executive.

By Caitlin Mullen • Feb. 9, 2024

CFPB open banking proposal will be crucial

The agency’s open banking proposal is a step in the right direction, but details of the policy will shape how the market develops, a regulatory adviser writes in this op-ed.

By Jonah Crane • Feb. 8, 2024

Fiserv CEO details special bank charter pursuit

The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.

By Caitlin Mullen • Feb. 7, 2024

USDA offers online payment tool for farm loan borrowers

The new online option will give farmers and ranchers an alternative to making payments by phone, mail or visits to a USDA office.

By James Pothen • Feb. 6, 2024

Fiserv lands Uber, eBay as debit network clients

The payment processing giant has signed more than a dozen large e-commerce clients following the Federal Reserve’s clarification of the debit routing rule.

By Caitlin Mullen • Feb. 6, 2024

Apple CEO pushes back on European regulation

The company’s customers may experience a drop in quality thanks to EU regulation slated to take effect next month, said Tim Cook, chief executive of the tech giant.

By James Pothen • Feb. 5, 2024

Lawmakers clash on CFPB digital payment rule

Democratic senators said the proposed rule would curb “rampant” fraud, while Republican Congress members said it would introduce “regulatory uncertainty.”

By James Pothen • Feb. 1, 2024

NY AG sues Citi over denied fraud claims

“If a bank cannot secure its customers’ accounts, they are failing in their most basic duty,” New York Attorney General Letitia James said in a statement Tuesday.

By Dan Ennis • Jan. 31, 2024