Fintech

Citigroup agreed to sell its India retail banking business for about 123 billion rupees ($1.6 billion) cash to Axis Bank, as the U.S. lender seeks to consolidate its operations in identified markets.

The Consumer Financial Protection Bureau said it expects credit card companies to increase fees — often around $30 — charged when customer miss a payment. The higher prices are allowed under rules that authorize inflation adjustments.

Firms such as Mesh Payments and TripActions are anticipating that the trend for flexible and remote work will make it harder to distinguish personal and business purchases on the road.

JPMorgan Chase’s fledgling digital bank is going after more customers in the U.K. with a new savings account.

Wells Fargo will start letting customers earn points and miles on their rent payments as the banking giant deepens its push into credit cards. 

Citizens Financial Group is mulling the acquisition of a wealth manager or even a lender in Florida following a deal spree by the bank last year, CEO Bruce Van Saun said.

An appeals court is expected to rule by summer whether, as PayPal argues, digital wallets are excluded from the Consumer Financial Protection Bureau's fee disclosure rule for prepaid cards. If the CFPB loses, its ability to mandate disclosures on a range of financial products could be in jeopardy.

A handful of snafus, some a decade old, shouldn’t tar an entire line of payment products that are a lifeline for many consumers and have helped millions of Americans access and manage their finances during the COVID-19 pandemic.

Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient.

Federal Reserve Chair Jerome Powell said the central bank will take the “necessary steps” to get inflation down even if that means increasing interest rates more rapidly than currently anticipated and eventually to levels that slow the broader economy.