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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.

The state's Treasurer's office is urging lenders to make loans to cover the steep costs of adoption. Participating credit unions get an extra incentive by being permitted to accept deposits from public institutions — a perk typically enjoyed only by banks.

The crypto payments startup Circle Internet Financial said it’s closer to submitting an application to operate as a bank in the U.S., pushing forward with a months-old plan even as regulators make it more difficult for crypto companies to secure this kind of license.

As risk management becomes a major driver for banks, we discuss how to approach these questions in a different way

The Dutch lender said its predecessor, Hope & Co., played a “pivotal role” in the international slave trade of the 18th century and was actively involved in the day-to-day business of plantations.

Banks have supported initiatives aimed at closing the racial equality gap but the industry risks undermining this by fighting new rules to gather demographic data on small-business lending.

The loss was driven by “funding spread widening as well as credit-valuation adjustments relating to both increases in commodities exposures and markdowns of derivatives receivables from Russia-associated counterparties,” the company said. 

Bread Financial — formerly Alliance Data — offers its first general-purpose Amex credit card to expand consumer finance options following a couple of tumultuous years.

Daily edition for April 13, 2022

California and New York were the first states to require the disclosure of certain pricing information to small-business borrowers. But as Utah, Virginia and other states add regulations for nonbank lenders, a fault line has emerged over the use of annual percentage rates.

Spence, who joined the Cincinnati bank in 2015, will succeed Greg Carmichael as chief executive in July. He says he’ll maintain the company’s current strategic priorities, including regional expansion and digital transformation.