These households may face increased risk as credit card debt keeps breaking records
But this harsh funding environment provides incumbents with opportunities to grab smaller firms on the cheap
A little rural bank messed around with crypto and found out: The Fed’s cease-and-desist order against Farmington State and its holding company didn’t name FTX. But everyone’s reading between the lines.
UK regulator acts to protect cash access: Bank branch closures and the rise of digital payments threaten those who still rely on cash. The government is stepping in to manage the pace of change.
Credit card digital account openings are normalizing after pandemic-driven fluctuations. Recessionary factors and Gen Z’s shifting behaviors are slowing growth, but it will stay positive as issuers tap digital innovations—like open banking and alternative credit models—to convert more consumers into cardholders.
Marketing sits at the executives’ table—but still could use some respect: A survey shows that despite its expanding role in driving growth, many banks still view marketing mostly as an expense.
‘You get a downgrade, and you get a downgrade’: Fitch’s warning about potentially plummeting credit ratings for US banks signals yet another threat to banks’ balance sheets.
FDIC chair previews even more regulatory proposals: Expect new long-term debt requirements and changes to provisions for banks’ ‘living wills’ to show up soon, Gruenberg said.
Apple sells a lifestyle to affluent millennials and Gen Zers: We look at how its financial services offerings differ from any other traditional financial institution’s.
The company has been beefing up its BNPL capabilities ever since its exclusivity period with Affirm ended earlier this year
It ramped up its probe against Visa over tokenization practices and amid wider investigations into anti-competitive behavior of Visa’s and Mastercard’s debit practices
Its financial results for the first half of 2023 showed a deceleration of growth and led to a stock tumble
Investing app targets students at historically Black colleges: A joint initiative between Stackwell and Fintech in Action wants to advance financial literacy and close the racial gap in intergenerational wealth.
The Latin American investment frenzy slowly ebbs away: High inflation and stagnant economic growth are reshaping the region’s fintech scene, consolidating the positions of just a few big players, like Nubank and Mercado Pago.
PayPal said Alex Chriss will take over as CEO from Dan Schulman, while Discover CEO Roger Hochschild abruptly resigned
The tools will help developers more easily launch embedded finance solutions, a key benefit of modern card issuing
Mastercard sees growth in Africa’s mobile money business: The card network purchased a minority stake in the fintech division of MTN Group as electronic payments take off in Africa
Uber gets its fintech license in Mexico: Now the ride-hailing platform can compete with its rival DiDi in offering virtual wallets and debit and credit cards, as another nonbank holding consumers’ money.
Fed program will monitor banks’ ‘novel activities’ in crypto and other innovative tech: If you’re handling digital assets, running a blockchain, or offering banking as a service, your activities will likely fall under this program’s oversight.