The Federal Reserve is facing pressure to allow retailers to route PIN-less debit-card purchases over their choice of networks. It’s a new stage in an old battle, fueled by the shift toward online shopping during the pandemic.
Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.
Several community banks are warning Congress that their participation in the Paycheck Protection Program could cause them to cross a threshold that may lead to, among other things, supervision by the CFPB and a cap on interchange fees.
H&R Block intends to break off the relationship since the parties have been unable to restructure compensation to reflect new interchange fee caps at Axos.
A big splash by Fifth Third, a bid by WSFS to reinvent itself and some bold long-distance expansions highlighted a year where deal activity held steady but premiums rose.
