The Latest

Teaming with the fintech Buy It Mobility Networks, Discover Financial Services plans to enable Automated Clearing House payments within merchant apps.

The Consumer Financial Protection Bureau is raising concerns about exclusive government contracts and the fees that recipients of public benefits get charged. “Barriers to choice kill competition and can harm families who need every dollar to make ends meet," said Director Rohit Chopra.

Republicans on the Senate Banking Committee skipped its scheduled vote on five Federal Reserve appointees, preventing a quorum. Minority Leader Mitch McConnell echoed concerns raised about nominee Sarah Bloom Raskin, saying she wants the Fed to become an “ideological left-wing activist body” that interferes with private-sector credit decisions.

Citigroup awarded Chief Executive Jane Fraser $22.5 million for her work in 2021 after she assumed the top job in February and helped guide the bank through regulatory hurdles.

Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, is wading into the international money-transfer business, seeking to tap into a huge market dominated by firms like Western Union Co.

The money transmitter's $1.8 billion acquisition by Madison Dearborn Partners removes the need to appease investors on a quarterly basis, freeing up the company to invest in a long-term transformation of its technology.

Republicans urged federal authorities to take a light-touch approach to regulating stablecoins during a Senate Banking Committee hearing, while Democrats intensified demands for strong consumer protection.

As more consumers shop and bank online, Texas Capital and its rivals are competing for market share with concepts such as an American Airlines savings account that offers miles instead of interest and one that pays a 0.70% annual percentage yield, beating the national average of 0.06%.

GOP lawmakers are considering a plan by Sen. Pat Toomey, the top Republican on the Senate Banking Committee, to boycott Tuesday’s committee votes on Raskin and President Biden’s four other Federal Reserve nominees. Such a move would deny Democrats a quorum to move forward.

Mastercard said it will hire more than 500 young professionals this year as it expands its data and services unit, an effort that will include launching consulting practices focused on cryptocurrencies and open banking.