President Donald Trump said that lawmakers should support legislation that would require credit cards issued by most large banks to offer merchants the choice between two unaffiliated card networks, one of which cannot be Visa or Mastercard.

The largest bank in the country bulked up its reserves by $2.2 billion for potential credit hits from the Apple card portfolio, which JPMorgan is taking over from Goldman Sachs.

Analysts say credit card companies could face a major hit to earnings, while banks would also be under pressure.

The American Bankers Association and other groups contend the president's plan to cap credit card interest rates at 10% would drive consumers toward less regulated, more costly alternatives.

The deal ends more than a year of speculation of who would take over Apple's coveted credit card portfolio.

The U.K. bank has completed a payment using the stablecoin alternative; while Revolut is trying to acquire Turkish neobank FUBS. Plus: execs tied to the Wirecard scandal are on their way to prison and more in the American Banker global payments and fintech roundup.

Articles about stablecoins, scams, fintechs, premium credit cards and open banking were just some of the topics that struck a chord with American Banker subscribers in 2025.

Brex is powering Fifth Third's commercial card issuance in a move that boosts the fintech's distribution network and provides the bank with a more competitive commercial card proposition.

As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.

The megabank laid out a series of changes, including the impending departure of its chief financial officer and other executive shifts related to a revamp of its U.S. personal banking line of business.

The Minneapolis-based bank launched the Split Card, a Mastercard that turns purchases into three-month installment plans, in an effort to attract younger customers.

Some customers reportedly complained about getting locked out of their accounts after signing up for the bank's new Strata Elite credit card. "We feel like we have done the right thing for all of our good customers," Pam Habner, Citi's head of U.S. branded cards, said Tuesday.

The credit card issuer added two programs with home goods retailers Raymour and Flanigan and Bed Bath and Beyond during the quarter while also increasing its stock buyback allocation and dividend payouts.

Merchants alleged the major card networks illegally conspired to shift fraud liability onto them with the adoption of EMV chip technology.

"We actually see a little bit more strength in the nonprime [consumer]," CFO Brian Wenzel told American Banker.

Habner, Head of U.S. Branded Cards and Lending at Citi, sits down with American Banker Editor-in-Chief Chana Schoenberger to discuss the credit card market.

The CardWorks subsidiary has officially taken over Ally Financial's Ollo credit card portfolio, ending a five-year dance between the two companies that first had Ally buying CardWorks for $2.7 billion.

Stablecoins don't compete with payment platforms. They do, however, provide a turbo-powered springboard for new projects that will, just as incumbents are adapting to the new tools.

Google has launched its Agent Payments Protocol, an open protocol that establishes a payment-agnostic framework for users, merchants and payments in agentic AI. Payment companies such as Adyen, American Express, Mastercard and PayPal helped develop the protocol.