Payments

Visa and Mastercard credit card-issuing banks with more than $100 billion in assets would be required to give merchants a lower-cost choice for processing each transaction under a new bill proposed to spur competition.

A potential Senate bill could pressure interchange fees, while the broader economy faces a downturn. Mastercard CEO Michael Miebach contends the firm is prepared for both.

American Banker's second annual Most Influential Women in Payments, Next recognizes women under 40 who have demonstrated a strong talent for leadership and an expertise in their respective fields.

Longtime credit card interchange critic Sen. Dick Durbin reportedly plans to introduce a bill this week challenging the control Visa and Mastercard have over credit card swipe fees by expanding competition among merchant card-processing networks.

Elliott Investment Management is holding discussions with PayPal Holdings over an agreement that would see the activist investor have a hand in determining the future direction of the company, according to people familiar with the matter. 

In global news this week, the U.K.'s major banks put pressure on global tech firms, Bank of Ireland improves paid paternity leave, Virgin Money debuts a buy now/pay later card, and more.

American Banker interviewed the Consumer Financial Protection Bureau chief about his views on Big Tech, the qualified mortgage rule, real-time payments apps and more.

In a wide-ranging interview with American Banker, Consumer Financial Protection Bureau Director Rohit Chopra talked about litigating against large firms, fighting overdraft fees and reining in Big Tech.

The card brand has not seen "any evidence" of consumers reducing spending major categories or markets, the card network's chairman and chief executive said.

Pagaya, which drew attention for wild swings in its stock price last week, says uncertainty is part of what makes its product compelling.