Synchrony hikes interest rates on credit cards to offset late-fee rule
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau’s new regulation is scheduled to take effect on May 14.
Bank of America, Goldman Sachs CEOs hang onto their board chair hats
At the banks’ annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
Why are Republicans trying to nullify bank rules? Blame the coming election.
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
Stripe unbundles payment processing from its other offerings
The payment processing firm said that companies will no longer be locked in to processing payments with Stripe in order to access its other products.
Sharing fraud data is hard. Two industry efforts aim to make it easier.
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
GOP lawmakers demand SBA revoke Funding Circle’s 7(a) license
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
Visa card spending remains strong, despite a slowdown in Asia
Strong consumer spending and cross-border activity drove an 8% increase in Visa’s total payments volume during the first quarter of the year, although Asia’s economic recovery is taking longer than expected.
Mastercard using open banking to spot fraud, EU warms to Apple Pay policy
Mastercard launches service to fight instant-payment fraud, EU may green-light Apple’s NFC-access plan, and more.
Press Release: FDIC Names Four Bankers to Minority Depository Institutions Subcommittee
PRESS RELEASE | APRIL 24, 2024 FDIC Names Four Bankers to Minority Depository Institutions Subcommittee May 1st meeting to address key challenges and opportunities for minority banks WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced four new members of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking: […]
Politicians should stop playing culture war politics with public funds
An anti-ESG crusade in Texas exposes the degree to which conservative hype over companies’ ESG policies has lost touch with the reality of the market, to the detriment of taxpayers.