Under a state proposal, annual percentage rates would have to be disclosed on nonbank commercial loans of $500,000 or less. Lenders' responses have been mixed depending on their business model.
As the competition mounts to increase adoption rates for person-to-person payment apps, PayPal's Venmo is adding a way for users to quickly move money from the app to their bank account.
A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.
After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.
A new project backed by the government of Luxembourg could ultimately be influential in the U.S., where banks have been slow to develop a shared platform for digital identities.
Visa, Mastercard and PayPal may have boosted the single, greatest risk they face -- that of tougher regulation -- by becoming early backers for Facebook new digital money, called Libra.
Many might think that the technological disruption of the industry is already underway, but it’s likely that the most significant restructuring is still yet to come.
Facebook is focusing the initial discussions around its cryptocurrency project as a preemptive strike against the privacy and legal concerns the public and politicians have about the huge social network.
Dozens of companies, including Google and PayPal, met with OCC officials last year in part to discuss obtaining a new fintech charter, but many ultimately decided not to pursue it, according to sources. Here's why.
