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.
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.
The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.
The challenger bank now offers small businesses checking, lending and payments services on one platform and can link them through Plaid to external bank accounts.
The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.
A new investigation by the International Consortium of Investigative Journalists says JPMorgan Chase, Deutsche Bank and several other global institutions kept moving illicit funds after receiving warnings from U.S. officials.
New analysis from CO-OP Financial Services showed credit union members veering closer to traditional card usage, but the lack of additional pandemic relief could hamper interchange growth this fall.
With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.
