SEC won’t budge on crypto regulation

In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.

By Robert Freedman • Dec. 18, 2023

Senators keep pressure on PayPal, Block

Senate Democrats urged top executives at PayPal and Block, in another round of letters, to improve reimbursement for victims of payment scams.

By Lynne Marek • Dec. 14, 2023

Authorized payment scams climb in US

Such scams are expected to jump 50-plus percent to $3 billion by 2027, forcing financial institutions to address the rising threat, according to a new report.

By Tatiana Walk-Morris • Dec. 14, 2023

Discover’s new CEO brings bank experience

Michael G. Rhodes, previously the group head for Canadian personal banking at TD Bank Group, will take the helm at Discover in March.

By Caitlin Mullen • Updated Dec. 12, 2023

Discover to spend at least $500M on compliance next year

“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.

By Caitlin Mullen • Dec. 11, 2023

Lawmakers call for action on gun code

Sen. Elizabeth Warren and 48 other congressional Democrats called on the card networks to provide answers to a dozen questions related to the gun merchant category code.

By Caitlin Mullen • Dec. 7, 2023

Convenience retailer Yesway adopts Relay’s fuel payment software

Relay’s cardless purchasing capability allows more fleets and drivers to avoid fraud caused by card skimming, the logistics payment company said.

By Brett Dworski • Dec. 1, 2023

FIS eyes small acquisitions

Fidelity National Information Services is on the hunt for smaller acquisitions in one of its divisions, and it’s benefitting from other companies’ deals in another.

By Lynne Marek • Dec. 1, 2023

Discover pursues sale of student loan business

The card issuer said it’s seeking to offload its $10.4 billion student loan portfolio.

By Caitlin Mullen • Nov. 30, 2023

PayPal tackles chargeback fraud

PayPal is attacking illegitimate customer returns with new policies after a rise in e-commerce activity has fueled that type of fraud across the industry.

By Lynne Marek • Nov. 29, 2023

Visa proposes new plan for covering litigation liability

The card network’s board approved pursuing a shareholder vote on a new approach to covering potentially more than $35 billion in outstanding merchant claims against the company.

By Lynne Marek • Nov. 22, 2023

Will China be a boon or bust for card networks?

U.S. card companies have gained a foothold in China’s market, but they must still win over banks and battle behemoth China UnionPay.

By Lynne Marek • Nov. 21, 2023

Credit card demand remains robust, rejections rise: New York Fed

As consumers have leaned on credit cards more in recent months, applications for credit card limit extensions also rose, the New York Fed said Monday.

By Caitlin Mullen • Nov. 21, 2023

Small business card debt has risen: Bank of America

Credit card spending for small businesses has largely been flat relative to last year, but balances have risen, the Bank of America report said.

By Tatiana Walk-Morris • Nov. 17, 2023

Visa warns consumers about holiday fraud

Better spelling on fake merchant sites and more advanced card skimmers are among the latest schemes that will be deployed by fraudsters during the year-end holiday shopping season.

By Lynne Marek • Nov. 17, 2023

Forter executive offers 2024 payments predictions

The new instant payment rail FedNow is set for a “roller coaster” next year, according to Forter Head of Financial Partnerships Jeff Hallenbeck.

By James Pothen • Nov. 16, 2023

Wex CEO taps endurance to lead

Melissa Smith has led the payments software and services company for nearly a decade, navigating once-in-a-lifetime events and spearheading an aggressive acquisition strategy.

By Lynne Marek • Nov. 16, 2023

BNPL companies face grim outlook, Moody’s says

Fierce competition, persistent losses and regulatory constraints are likely to push some players out of the buy now, pay later market, Moody’s predicted.

By Lynne Marek • Nov. 13, 2023

Defend your bottom line with guaranteed fraud protection

The holiday season is often a one-two punch of activity for online retailers: First comes the spike in purchases… and then comes the inevitable returns.

Nov. 13, 2023

FTC, Florida reach $150,000 settlement with Chargebacks911

The Federal Trade Commision and Florida had sued the company for using deceptive tactics to prevent consumers from disputing credit card charges.

By James Pothen • Nov. 9, 2023

CFPB proposes new oversight for payment tech firms

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

By Lynne Marek , James Pothen • Nov. 7, 2023

Cross-border payment headaches burden consumers: Mastercard report

As international groups examine cross-border payment challenges, consumers and small businesses are worried about the costs and risks associated with sending money or receiving funds internationally.

By Tatiana Walk-Morris • Nov. 7, 2023

Visa launches cybersecurity training program

The card giant rolled out a cybersecurity apprenticeship program last year amid a talent deficit highlighted by the Biden administration.

By Tatiana Walk-Morris • Nov. 6, 2023

PayPal discloses SEC, CFPB probes

The digital payments company said it’s cooperating with a Securities and Exchange Commission probe of its stablecoin, and a Consumer Financial Protection Bureau inquiry related to bank transfers.

By Lynne Marek • Nov. 3, 2023

Breaking down buy now, pay later

After its pandemic-era growth spurt, buy now, pay later has gone mainstream in consumer payments. But changing economic conditions are forcing the installment trend to evolve.

By Caitlin Mullen • Nov. 3, 2023