Payments

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.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

Buy now/pay later lenders, digital payment providers and companies building "super apps" have suffered hits to their stock prices and valuations during the market slump, causing some to conduct layoffs. But most are pushing ahead with new products and services.

Personal spending on travel and entertainment has bounced back to pre-pandemic levels and corporate travel is slowly recovering. Younger consumers are also providing a boost.

The financial technology startup Zepz has named Bill.com Chief Operating Officer Mark Lenhard as its next chief executive, people familiar with the matter said.

Affinity Credit Union in Iowa is taking the tech giant to court over the levies issuers pay to have their cards work in its mobile wallet.

While skeptics still outnumber true believers, recent speeches and reports from policymakers show a greater willingness to entertain the idea of a central bank digital currency.

The card network's shares fell 10% on Thursday from news that it's conducting an independent investigation of its student loan operation, signaling potentially costly regulatory actions ahead.

Kristy Kim, co-founder and CEO of TomoCredit, started out trying to help immigrants like herself access credit. With the latest funding round, she hopes to expand beyond credit cards.

The recent drop in stock prices and valuations is prompting fintechs to focus more on their core competencies. This doesn't mean an end to innovation, but companies will be more selective about how they allocate resources.

The senators called for the Consumer Financial Protection Bureau to consider more instant transactions to be categorized as “errors” or “unauthorized,” making them the responsibility of institutions rather than customers. 

American Express, Capital One and JPMorgan Chase hope to entice affluent travelers by enhancing access to airport lounges, many of which have reached capacity after travel rebounded.

The payments giant Visa is in talks to join an extension of the fintech startup Airwallex’s latest funding round, according to people familiar with the matter.

This week in global news, Coinbase gets licensed in Italy, but Binance and Starling Bank face setbacks elsewhere in Europe.

A partnership with the business payment technology firm Melio supports card payments even when one party is stuck in the world of paper checks and cash.

Investors have grown concerned that 40-year highs in inflation may take a bite out of consumers and lead to credit troubles, but Synchrony executives say consumers are continuing to manage “incredibly well.”

Apple was accused by Affinity Credit Union of using its market power in the mobile device industry to fend off competition from other payment card issuers and charging them fees to boost its bottom line.

The comments from the agency's under secretary for domestic finance came as it issued a request for feedback on the risks and opportunities of digital assets.