Fintech

Discover Financial Services' announcement of the immediate resignation of longtime executive Roger Hochschild comes weeks after the company announced it overcharged merchants for 16 years.

Corporations are leaning harder on virtual cards as post-pandemic business travel ramps up amid hybrid work arrangements, according to a new Mastercard survey. Visa separately has extended its collaboration with virtual-card technology provider Conferma Pay.

During the recent banking crisis, both businesses and wealth management clients moved their money out of banks. Commercial deposits have since recovered, but those in wealth accounts continue to decline amid fierce competition from both inside and outside the banking system.

U.S. consumers set a new record during the second quarter, as card debt reached $1.03 trillion. Bankers say a healthy job market has allowed consumers to keep making their monthly payments, but they're also on guard about the impact of the upcoming resumption of federal student loan payments.

The Seattle bank, which has lost about two-thirds of its market value this year, is also said to be considering raising capital and selling assets.

In 18 states, consumers are not allowed to use trained debt resolution professionals to seek relief from their creditors. That needs to change.

Banks locked in funding by offering more enticing rates on certificates of deposit last quarter, but rebuilding liquidity came at a cost. Competition isn't dying down either, with a couple of credit unions floating 6% CD rates.

Big Poppy Bancorp has applied to the Federal Reserve to acquire up to 24.99% of Summit State Bank. Both institutions are headquartered in Santa Rosa. Combining them would create the city's biggest bank.

Evidence from the implementation of the 2009 CARD Act shows that warnings about higher interest rates and other unintended consequences don't square with reality.

Credit metrics are deteriorating as more cardholders fall behind on their payments. But bank CEOs detect few causes for alarm, saying they plan to stay in growth mode since most consumers have stayed current.