Fintech

Longtime customers of Capital One's online banking arm thought they were getting the best possible rate, according to a lawsuit. Little did they realize, they say, that they needed to open a new account in order to benefit from interest rate increases.

Many banks tapped the brakes on mergers and acquisitions this year amid economic and regulatory challenges. But executives at banks with a history of dealmaking say conditions could be right for them to return to buying mode next year.

The Electronic Payments Coalition said that Sens. Dick Durbin and Roger Marshall are retaliating against the airline industry, which has been critical of their credit-card swipe-fee legislation. The two senators have called for an investigation of airlines in connection with purportedly unfair practices in their loyalty programs.

As the holiday shopping season approaches, late payments on credit cards have surpassed their pre-pandemic levels, according to a new VantageScore report. The consumers showing signs of deterioration include not only subprime borrowers, but also those with prime credit scores.

The product-comparison site, which rates and ranks credit cards, is debuting its own secured credit card that it believes will help users improve their credit scores and pursue better offers.

The San Antonio bank reported a 14% increase in noninterest expenses and a 7% jump in loans. "We're not trying to be successful by shrinking," said CEO Phil Green.

The credit card company has been seeing late payments and charge-offs jump following the stellar credit trends of the pandemic. But there were signs last quarter that the picture has started to stabilize.

There are three concrete steps policymakers and industry can pursue that will limit the damage that is being done by cutting vulnerable populations off from remittance payments.

Taylor Swift's tie-up with the third-largest bank in Singapore propelled the lender's credit card fees to a record in the third quarter, the latest example of the pop star's extraordinary economic heft.

Banking executives anticipate that loan demand will remain muted over the next 12 months, according to a new survey by the financial services firm IntraFi. That finding lines up with bankers' expectation that rates won't start declining until at least the second half of 2024.