News Topic: American Express

Ally and other direct banks continue to report strong deposit growth even as they slash the rates they pay to depositors. The trend suggests that the online-only approach has more staying power than its detractors believed. ... Read full article

Though many merchants remain wary of alienating their customers with fees, others now see an opportunity to recoup the growing costs associated with accepting plastic. ... Read full article

The company is reportedly paying bonuses to get retailers to accept its cards; both sides offer different take of rare get-together. ... Read full article

Earlier this decade, a boom in low-cost prepaid cards undercut the firm's business model. Now the fiercest competition is coming from venture capital-backed startups that offer accounts with no overdraft fees. ... Read full article

While American Express initially lost customers after JPMorgan Chase introduced the popular Sapphire Reserve premium card in 2016, the firm said it's seen a 60% increase in growth in Platinum accounts. ... Read full article

New tech lets American Express instantly issue cards to immigrants; the end of Libor raises concerns about financial stability; regulators shutter banks in Kentucky and Ohio; and more from this week's most-read stories. ... Read full article

Newcomers to the U.S. tend to have a hard time getting credit cards because they lack credit history here. Amex has deployed technology from a fintech, Nova Credit, that could change this. ... Read full article

Zachary Wasserman will succeed Mac McCullough, who is retiring at the end the year. ... Read full article

Treasury Secretary Steven Mnuchin has told large U.S. financial institutions including Goldman Sachs and American Express they should do more to help black- and women-owned community banks win federal contracts. ... Read full article

Issuers like Chase and Citi that added installment features to compete with digital lenders will need to think beyond traditional card options. ... Read full article

The workers charged customers incorrect currency conversion rates; Santander plans to defend its decision to not hire Andrea Orcel if he sues. ... Read full article

Biz2Credit is offering its Biz2X platform to all banks after gaining HSBC and Popular Bank as clients. ... Read full article

Cushion uses AI to help consumers negotiate refunds of overdraft and other fees. But it argues there's a bank play in its technology if bankers take the long view. ... Read full article

Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt. ... Read full article

If American Express is going to soar in the future, it plans to do so firmly attached to the new 11-year contract it has signed with Delta Airlines. ... Read full article

Fintech investors, including Goldman Sachs, see opportunity in Mexico; firm’s growth in lending could be a problem if economy goes south. ... Read full article

The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back. ... Read full article

The Securities and Exchange Commission rejected the banks' arguments that the proposals amounted to shareholder micromanagement and that they have made ample disclosures. ... Read full article