In a potentially good sign for credit unions, last week credit card spending reached its highest point since the start of the coronavirus pandemic, according to data from PSCU.
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.
The payments company reported a substantial increase in both credit and debit card usage for the annual shopping event as the pandemic has made consumers even more comfortable with online purchases.
The bill, which now goes to the Senate, would give small businesses greater flexibility in how they use the funds; not everyone's on board with Otting's signature achievement.
Consumer groups are poised to take the bureau to court over its gutting of underwriting requirements, while House Democratic leaders could attempt a repeal through the Congressional Review Act.
