Cards

Roy and Bertrand Sosa have retaken control of Netspend to combine it with their other firm, Rev Worldwide, to build the companies into an international financial services provider.

The bipartisan proposal aims to save consumers money by forcing more competition in the lucrative credit card payments processing business. If enacted, it would result in "unbelievable" consumer backlash from its effect on rewards programs, Delta Chief Executive Officer Ed Bastian said.

Retailers fed up with interchange are trying numerous strategies to offset these costs, including piloting Pay by Bank use cases and even, in some cases, refusing to accept cards altogether.

The Federal Reserve, which currently faces a Supreme Court case related to the fees, will vote on a proposal next week that will likely open up a rulemaking process to lower debit card interchange fees. 

In search of new revenue streams, the card network has researched companies' working-capital and cash-flow headaches to see where it could play a bigger role.

Affirm is the latest BNPL lender to launch an in-store payment card with multiple financing options, giving consumers more checkout options as regulatory changes loom.

Visa Inc. is facing fresh scrutiny from the US Justice Department over how it charges merchants for technology it uses to protect cardholder information.

The Consumer Financial Protection Bureau is warning that excessive fees can chip away at the cash sent to the most vulnerable consumers who opt to receive Social Security and other public benefits via prepaid cards.

The American Bankers Association, Credit Union National Association and other industry advocates say the current July 1 deadline threatens the safety and soundness of banking sector.