Fintech

Consumer loan balances fell in July for the first time since 2020 as banks have tightened lending standards in response to rising rates and jettisoned assets to bolster liquidity and capital levels.

It's hard to see FedNow as a revolutionary solution because it's not actually much newer, faster or cheaper in many cases than existing payment services.

Consumers favor credit cards that offer better spending rewards and that card issuers should consider providing services to help their customers manage growing account balances, J.D. Power's annual survey found.

The embattled credit card company, which is bracing for regulatory action, warned Thursday that heavy spending on risk management and compliance will persist. Executives also said that internal and external candidates will be considered for the permanent CEO job.

Visa Inc. is facing fresh scrutiny from the US Justice Department over how it charges merchants for technology it uses to protect cardholder information.

JPMorgan Chase, Wells Fargo and TD Auto Finance all see opportunities in providing financing to dealers for inventory, the purchase of competitors and the addition of infrastructure for electric vehicle sales. Two other banks recently said they're exiting the business, which could provide a further opening.

Community bankers anticipate that interest rates could soon level off and the broader economy may avert a downturn as a result. If that forecast proves true, lenders could minimize credit losses and enjoy stronger loan demand than they had expected earlier in the year.

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.