Fintech

At an American Bankers Association event, Sen. Jon Tester, D-Mont., who's up for reelection this year, said that he hopes the Durbin-Marshall credit card bill won't go anywhere and criticized the Federal Reserve's debit interchange proposal.

The fast-food chain is analyzing the cause of an issue that affected payments in multiple countries. Separately, dLocal, a payments processor in Uraguay, is making changes at the top.

Banks are proceeding with caution as a new generation of AI tools arises.

Thomas Halpin, who heads global cash management for North America, talks about real-time processing, generative AI, central bank digital currencies and why the ISO 20022 messaging standard is cool.

Credit card late fees are annoying, but that's why they work as a disincentive to prevent late payments. By making them much smaller, the CFPB will actually be working against the interests of low-income consumers.

Some 54% of small businesses said in a recent survey that elevated rates had led to higher debt payments. And in a sign that loan demand remains soft, 37% reported delaying expansion plans or capital spending.

The U.K. is considering a bill that would let banks and payment service providers put suspicious-looking peer-to-peer payments on hold for up to four days to conduct security reviews; Giesecke+Devrient is working with Brazil's central bank to develop an offline payment approach to a central bank digital currency; and more in global payments news this week.

Midsize lenders have largely defied the most dire predictions following Silicon Valley Bank's demise. But the nation's largest banks still have structural advantages, and the regionals remain hampered by their real-estate heavy portfolios and the continuing impact of high interest rates.

Wells Fargo unveiled a new credit card and is bolstering how it rewards customers for their spending, crucial steps in Chief Executive Officer Charlie Scharf's mission to make the fourth-largest U.S. bank a bigger player in a space long dominated by rivals.

Banks and trade groups denounced the Consumer Financial Protection Bureau's final rule to cut credit card late fees to $8, saying they will do everything possible to kill the rule.