The pandemic has altered a variety of consumer behaviors, and that could make a difference in what sort of interchange and interest revenue financial institutions see in their credit and debit portfolios as they close out 2020.
Wells Fargo is exploring selling a unit offering store-branded credit cards as the bank chooses businesses to keep or break off in a broad strategic overhaul, according to people with knowledge of the matter.
The response exceeded expectations, with more than 1,600 Citi customers requesting a name-change on their cards within the first few weeks of the program.
Big financial institutions are worried that online wagers made with credit cards pose a heavy risk of money laundering. The possibility of tougher rules under the incoming Biden administration has only compounded their concerns.
The U.S. Justice Department sued to block Visa’s $5.3 billion deal for the data aggregator over concerns that it would harm competition in the global payments market.
Payment rates for auto lenders and credit card issuers have remained strong despite a spike in unemployment. Whether these trends continue into 2021 will depend largely on the actions of Congress and the pace of medical advances.
