Payments

A group of states are pursuing similar efforts to cap credit card interchange fees, endangering rewards programs that customers value and raising concerns about an illegal interstate compact.

The Consumer Financial Protection Bureau said in a court filing that it plans to reverse its interpretive rule tightening standards for Pay in 4 buy now/pay later loans.

Jack Dorsey's payments company cut 931 jobs. Also: Western Union looks to artificial intelligence; Marqeta adds an e-marketplace; Westpac takes on scams; and more news in the global payments and fintech roundup.

The Treasury will phase out the use of paper checks for most government payments in about six months. The Trump administration says the move will improve efficiency and reduce the cost of payment processing.

The banking industry's march to ISO 20022 compliance by a November deadline has been sluggish, but the messaging organization isn't budging.

The law would have expanded the state's 12% interest rate cap in a manner that would have effectively banned fintech lending in the state.

Wall Street veteran Frank Bisignano pledged at a Senate Finance Committee hearing that he doesn't plan to privatize Social Security.

The bank has added Affirm as an option, after adding the fintech's rival Klarna to its merchant network in February.

The Consumer Financial Protection Bureau said it is "optimistic" that a lawsuit challenging the $8 credit card late fee rule can be resolved. The late fee rule is expected to be rescinded by the Trump administration.

Former staffers at Block's crypto unit have launched Stable Sea, a firm that tries to make processing easier.