The Latest

Walmart named PayPal Chief Financial Officer John Rainey as its new finance chief, turning to a company outsider as it seeks to build a financial technology venture and a membership program.

Theresa Mason will succeed longtime president and chief executive Dennis R. Adams, who announced his plans to retire from the credit union-owned share insurance fund earlier this year.

Mike Roffler, the San Francisco bank’s incoming chief executive, says he’s not shifting strategy. During the first quarter, the company leaned on its mortgage business, where customers moved to lock in refinancings before interest rates rose.

Celebrities on the investor roster include Ashton Kutcher, Justin Bieber, Steve Aoki and Gwyneth Paltrow. 

The Consumer Financial Protection Bureau has the legal authority to adjust maximum late fees that issuers may charge. The Consumer Bankers Association predicts the agency will reduce the limits as part of its crackdown on "junk fees" and to soften the impact of inflation on cardholders.

Mick Mulvaney, who worked as acting White House chief of staff for former President Donald Trump, has joined the crypto compliance firm Astra Protocol as a strategic advisor.

As inflation increases, more companies are shifting to remote and hybrid work to get their costs under control. Landlords could face rising vacancies and tumbling revenue, leaving them behind on loan payments.

A few months after cutting ties with its Diem stablecoin project, the company formerly known as Facebook is testing a virtual world marketplace.

Credit Suisse Group is looking for a new chief executive officer to run its U.S. holding company as the Swiss bank seeks to build out its business in the country following a series of setbacks.

In global news this week, Mastercard doubling headcount in Dublin; Ebanx in Brazil adds a cross-border option for merchants; NAB filters offensive content from mobile payments; and more.