Fintech

This month, Bank of America plans to unveil new incentives for cardholders with higher account balances. Reworking the rewards program is one lever the firm is pulling in its effort to lift the annual profit of the consumer unit to $20 billion by the end of the decade.

The search giant has added Klarna to its growing list of companies that are supporting standards for agentic commerce. Also, Payoneer has added Indonesia and Mexico to its collections network and more in American Banker's global payments and fintech roundup.

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.

The Long Island-based bank returned to profitability during the fourth quarter of 2025. The results mark "a significant milestone" in the bank's turnaround plan, CEO Joseph Otting said.

The credit card issuer said it had little to add to widespread discussions regarding the Trump administration's proposed 10% cap on credit card interest rates.

Federal Reserve Chair Jerome Powell said recent data suggests less tension between the employment and inflation sides of the central bank's dual mandate, reducing the need for an immediate policy change.

The London-based fintech has launched a suite of financial services as its global expansion gains steam. That and more in the American Banker global payments and fintech roundup.

As the Federal Open Market Committee announces its near-term interest rate plans Wednesday, market watchers expect the central bank to hold interest rates steady as policymakers seek greater clarity on the health of the economy.

Merchants have mostly been silent on President Trump's call for a cap on credit-card interest rates. But they'd take a "huge hit" under such a plan, Synchrony CEO Brian Doubles said Tuesday.