Biden, Republicans clash over card fees

President Biden and Republican lawmakers sparred Thursday over credit card late fees, as some House members also challenged the Federal Reserve’s proposed cap on debit card fees.

By Lynne Marek • March 8, 2024

Apple blocks Epic’s rival app store

“Apple is trying to cynically kill off developers that stand up to them,” Epic Director of Public Policy Leo Rees said Wednesday.

By James Pothen • March 7, 2024

Explore the Trendline➔

Stablecoins enter the payments universe

Stablecoins are gaining ground thanks to passage of the Genius Act, forcing companies to consider competitive strategies in the digital realm.

By Payments Dive staff

Capital One angles to push Discover upmarket

With its acquisition of the card network, Capital One seeks to elevate Discover’s brand while also working to expand its acceptance abroad.

By Caitlin Mullen • March 7, 2024

Google allows alternatives in Europe, cracks down in India

The tech giant said it will expand in-app payments options in the EU, while cracking down on apps in India that it said refused to pay its fees.

By James Pothen • March 6, 2024

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

$1.95B Apple fine is eye-catching, but EU faces tough road collecting

“While we respect the European Commission, the facts simply don’t support this decision. And as a result, Apple will appeal,” the tech giant said Monday.

By Robert Freedman • March 5, 2024

EU fine challenges Apple’s payments business

The tech giant is fighting “tooth and nail” to protect its commission from in-app purchases, Consumer Reports Senior Researcher Sumit Sharma said.

By James Pothen • 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

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

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

Affirm preps for UK launch

Beyond expansion to the U.K., the BNPL provider may seek to plant a flag where its large partners such as Amazon and Shopify have a presence, said Affirm’s Chief Revenue Officer Wayne Pommen.

By Caitlin Mullen • March 1, 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

Treasury Department to develop financial inclusion strategy

The department is considering how to measure and improve financial inclusion across payments and other financial services.

By Tatiana Walk-Morris • Feb. 29, 2024

Apple begins sharing BNPL data with Experian

The development may spur rival BNPL providers to follow suit, according to Ed deHaan, a professor at the Stanford Graduate School of Business. 

By James Pothen • Feb. 29, 2024

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

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