Payments

A week after President Trump demanded a 10% cap on credit card interest rates, top executives at big banks protested the idea in blunt terms.

Customers reported failed subscription payments and support issues, though a backup system kept some basic functionality online.

The heads of two associations representing military-serving financial institutions argue that the Credit Card Competition Act, as well as the president's demand for credit card rate cuts, would harm troops by reducing access to credit.

The $24.3 billion acquisition and $13.5 billion divestiture deal enables Global Payments to focus more on its core payments technology.

Top executives at the nation's largest bank spoke Tuesday about shifting dynamics in the credit card business, Federal Reserve independence, the bank's plan to increase spending in 2026 and its large portfolio of loans to nonbank financial institutions.

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.

The U.K. payments processor announced its acquisition of an alternative merchant acquirer license from the state of Georgia as part of its U.S. expansion.

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.

Research from American Banker finds that bankers are still extremely worried about fraud, but hope that raising budgets for artificial intelligence could help.

New research from American Banker details how the 50 largest U.S. banks by U.S. assets are using stablecoins, cryptocurrencies and other distributed ledger technology.

Universal Commerce Protocol is an open standard that establishes a common language for AI agents and systems to work together, and will allow consumers to purchase products from retailers directly through Google's AI Mode in the browser or the Gemini app.

Significant regulatory, legislative and business developments could shape the industry this year, putting pressure on banks to respond.

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.

The bank is investing in Ubyx to help traditional financial institutions settle stablecoin payments and compete with nonbank fintechs.

With fintechs and legal cases pressuring payment fees, the card companies are leaning more on revenue from other sources.

Earned wage access fintechs say the Consumer Financial Protection Bureau's advisory opinion provides important clarity on the finance product, but legal experts warn that its practical impact could be minimal.