Opinions

When a single official has very great power over a small number of firms such as the megabanks, the result too often is regulatory capture.

Today’s modern payment systems have their genesis in a number of older ventures that plied everything from the Web to biometrics to enable digital commerce. Some are gone, and some have evolved unrecognizably into their current form. Here’s a look.

Lead Bank in Garden City, Mo., plans to expand the range of services it offers by becoming a state-chartered trust company.

Until recently, the card network generally prohibited its retail partners from offering special deals to customers that paid with a specific bank's credit or debit card. But Visa quietly lifted the ban on Feb. 1, paving the way for retailers to cut deals with card issuers, according to Visa group president of the Americas William Sheedy.

The payments network will now allow merchants to offer discounts to customers who use specific cards, as new CEO Charles Scharf rethinks how Visa does business.

Observers say it's unlikely Congress will be able to strike a deal to stop across-the-board budget cuts from going into effect next week, raising concerns for bankers and regulators alike.

The chip-and-PIN version of PayPal's Here mobile card reader is set to debut overseas this year, but the splash will be felt in the U.S. as well.

The Consumer Financial Protection Bureau has shown interest in the student loan marketplace, noting its potential to cause systemic problems, and the agency wants to assist struggling student borrowers.

The Financial Stability Oversight Council was created as part of the 2010 Dodd-Frank reform law to identify risks and respond to emerging threats to financial stability. The FSOC exercised its authority for the first time last November, when the council issued recommendations to the Securities and Exchange Commission regarding the regulation of money-market mutual funds.

The number of community banks under enforcement actions fell in January, as the Federal Deposit Insurance Corp. ended 16 orders and issued five on the month.