Banking


  • The exterior of the Consumer Financial Protection Bureau building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Opinion

    CFPB should reconsider prepaid rule

    The Consumer Financial Protection Bureau should revisit its rule affecting digital wallets, peer-to-peer payments and prepaid cards, writes one fintech group leader.

    By Brian Tate • May 17, 2024
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    hapabapa via Getty Images
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    Brex CFO mulls long-term IPO scenario

    The prevailing attitude among companies seeking to go public is to achieve profitability beforehand, Ben Gammell said.

    By Grace Noto • May 17, 2024
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    busracavus via Getty Images
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    Trendline

    Real-time payments are on the rise

    As the U.S. makes a move to encourage use of real-time payments, it’s following other nations in adopting the real-time advance.

    By Payments Dive staff
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    Wara1982 via Getty Images
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    Central banks seek firms for cross-border payment project

    The Bank for International Settlements is seeking private sector participation in a smart-contract project designed by seven central banks to improve cross-border payments.

    By Tatiana Walk-Morris • May 17, 2024
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    Kevin Dietsch via Getty Images
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least two federal judges to pause CFPB rules, pending the high court's opinion.

    By Dan Ennis • May 16, 2024
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    DenisTangneyJr via Getty Images
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    EWA could create wage violations, Connecticut warns

    The warning comes as states and the federal government weigh options for regulating earned wage access products.

    By Kate Tornone • May 16, 2024
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    Courtesy of FIS

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    FIS eyes growth via acquisitions

    Fidelity National Information Services is targeting revenue growth of as much as 4.5% this year as it scans the landscape for “tuck-in” acquisitions following the spin-off of Worldpay.

    By May 16, 2024
  • A sign for Discover Financial Services
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    Scott Olson via Getty Images
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    Fed, OCC to hold meeting on Capital One-Discover deal

    Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

    By May 15, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    Fed bombarded by debit card fee commentary

    The Federal Reserve Board said it has received some 2,500 comment letters regarding its Regulation II proposal to cut the fees that merchants are charged when they accept debit cards.

    By May 14, 2024
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    Courtesy of 7-Eleven
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    7-Eleven testing financial services in stores

    The retailer will add terminals to 3,000 of its Speedway locations and test services like cryptocurrency purchases with ATM solution provider FCTI.

    By Jessica Loder • May 14, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB will keep defending late fee cap

    The 5th Circuit Court of Appeals blocked the Consumer Financial Protection Bureau’s $8 late fee cap on Friday, but the federal agency said it will continue to “defend” the rule.

    By May 13, 2024
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    Moon Safari via Getty Images
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    Sponsored by U.S. Bank

    How U.S. Bank Card as a Service (CaaS) can solve B2B payment bottlenecks

    With CaaS, you can reimagine the payment process, offer new payment services and improve the customer or employee experience.

    May 13, 2024
  • CFPB Director Rohit Chopra sitting on a panel next to Secretary of Transportation Pete Buttigieg.
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    Permission granted by James Pothen
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    CFPB, DOT take aim at airline rewards

    The two agencies raised concerns that airlines and card companies could arbitrarily devalue points accrued in their joint rewards programs, amounting to a bait-and-switch for customers.

    By May 10, 2024
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    Kevin Frayer via Getty Images
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    Mastercard joint venture starts operations in China

    The collaboration with a Chinese entity began Wednesday, with processing of cards issued by banks in the country following years of preparations.

    By May 10, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Jack Henry, Visa see escalating FedNow volume

    While the Federal Reserve won’t specify payments volume on the new instant system, executives from certified service providers Visa and Jack Henry said they’re seeing an increase.

    By May 9, 2024
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    M_a_y_a via Getty Images
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    Will EWA payments expand with real-time?

    While some earned wage access providers use real-time payments to make distributions to employees, the big payroll services provider ADP doesn’t see employers gravitating to that option.

    By May 7, 2024
  • The logo for the tech firm "Block" is displayed and reflected in a number of digital screens
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    Leon Neal via Getty Images
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    Block integrates Afterpay with Cash App card

    The test offering provides buy now, pay later financing to a limited number of users of Block’s Cash App debit card for “a small fee.”

    By May 7, 2024
  • Booth and sign for Federal Reserve payments services at Nacha conference in May 2024.
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    Lynne Marek/Payments Dive
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    Fed, TCH joust over interoperability

    When it comes to bridging the FedNow and RTP networks, officials at the Federal Reserve and The Clearing House have slightly different priorities.

    By May 7, 2024
  • cushion BNPL bill pay center
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    Permission granted by Cushion
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    BNPL users tend to have lower incomes: Bank of America

    The bank analyzed its BNPL user data and discovered low-income consumers are more likely to use installment payment services. It’s also popular among millennial and Gen X consumers.

    By May 6, 2024
  • Woman paying at boutique.
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    bymuratdeniz via Getty Images
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    Merchants urged to file claims for $5.5B payment card settlement

    Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.

    By Lyle Moran • May 6, 2024
  • Man paying with mobile phone
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    Photographer unknown via Getty Images
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    Opinion

    Pay-by-bank holds promise

    “The value proposition of pay-by-bank is clear: merchants win from drastically lower payment costs and consumers win from lower prices,” writes one fintech executive.

    By Eric Shoykhet • May 3, 2024
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    Creative via Getty Images
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    Global Payments to wrap review soon

    The payments processor plans to finish an assessment of operations in the next few months, aiming to streamline its business and pare units it can’t scale.

    By May 2, 2024
  • Patrick and John Collison, Stripe co-founders
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    Stripe unbundles services as industry shifts

    The company’s move to decouple embedded financial services from payment processing means it’s ready to pursue larger customers, analysts said.

    By May 1, 2024
  • Button on a keyboard that says 'real-time'
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    William_Potter via Getty Images
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    Real-time consumer payments need standards to rise

    To make instant payments a reality for consumers, the payments industry must work together to develop a common framework for the transactions, top industry executives say.

    By April 30, 2024
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    MilosStankovic via Getty Images
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    FTC sues Doxo over deceptive ads, junk fees

    After the federal agency’s lawsuit landed Thursday, the Seattle bill-pay provider countered the allegations on Friday.

    By Tatiana Walk-Morris • April 30, 2024
  • Stack of credit cards spread out
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    bernie_photo via Getty Images
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    NRF objects to Visa-Mastercard settlement

    The National Retail Federation lashed out at a landmark Visa-Mastercard legal settlement Friday, calling the pact reached with some merchants last month “meager and temporary” relief.

    By April 29, 2024