Treasury Secretary Scott Bessent appeared to urge the crypto industry to deal with bankers in the yield stablecoin issue during his regular testimony in the Senate Banking Committee Thursday.
The payment company is betting on agentic commerce to get its checkout tech in front of more merchants and consumers.
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The neobank was bullish on cryptocurrency and stablecoins, which could provide tailwinds as it looks to launch new products including crypto-based lending, institutional trading, and correspondent payments and settlements via stablecoins.
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Like other payment executives, Steve Squeri expressed concern about affordability, but is not in favor of heavy restrictions.
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CEO Ryan McInerney reiterated the company's long-held stance that the Credit Card Competition Act was "very harmful" and "just simply not needed."
The bank technology seller closed the sale of its payment processor to Global Payments, which sold its card issuing unit to FIS. Helping banks get a handle on artificial intelligence is a big part of FIS' plan to reach banks.
When the Swiss banking giant bought rival Credit Suisse in 2023, it inherited an investigation over money the Nazis looted from European Jews. The issue now seems to be coming to a head in Washington.
President Donald Trump's support of legislation that would cap credit card interest rates at 10% has flagged in recent weeks, but experts say that the debate has highlighted significant gaps in regulators' understanding of the credit card market and how its risks are priced.
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As the Trump administration signals interest in reforming AML regulations, the industry must come together in support of new rules that promote efficiency and effectiveness in the fight against financial crime.
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Once seen as a sleepy corner of the financial services industry, asset servicing has become increasingly important for banks as artificial intelligence, blockchains and a generational transfer of wealth alter the landscape.
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The future of banking will see core bank systems rebuilt around artificial intelligence tools that inform decisions about everything from underwriting to compliance. Banks must begin the transition now.
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Federal Reserve Gov. Stephen Miran, who had been on a leave of absence from his position as Chair of the White House Council of Economic Advisers since he was confirmed to the central bank in September, resigned his CEA role Tuesday to uphold his promise to resign his White House role if he remained past the expiration of his term, which concluded Jan. 31.
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At a hearing Tuesday, executives at the Swiss banking giant faced tough questions from both Republicans and Democrats. The lawmakers are unhappy with the bank's recent decision to withhold certain documents from a lawyer who's overseeing research regarding Nazi accounts.
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Prosecutors claim the Forbes 30 Under 30 honoree maintained two sets of books to hide Kalder's actual revenue of just $60,000.
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The buy now, pay later lender is carving out a lane for itself with exclusive deals with Intuit's Quickbooks Payments and Expedia's websites. It also will be the default BNPL provider for Bolt's one-click checkout.
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Banking trade associations told the Office of the Comptroller of the Currency that regulators should reform rules around third-party risk, saying concentration and limited choice of core service providers places an undue burden on banks.
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HP CEO and current PayPal board chair Enrique Lores will take over March 1, following a deep slump in the payment company's key metric.
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The mortgage technology unit at Intercontinental Exchange posted a profit for the third straight quarter, even as lower minimums among renewals capped growth.
The payment company opened a new office in Dublin to battle rivals like Adyen, Stripe and PayPal.
The demise of the banking industry in the U.S. has been incorrectly predicted for generations. The truth is that the industry never dies, because it never stands still.
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