Fintech

The interest paid on consumer deposits has barely risen despite the Federal Reserve's aggressive rate hikes, writes Sen. Jack Reed, D-R.I., in letters to seven of the largest U.S. banks including JPMorgan Chase and Wells Fargo.

Canadian merchants are now allowed to add a fee for Mastercard and Visa credit card transactions. But early indications suggest few will do so, fearing consumer backlash.

The cryptocurrency conglomerate Digital Currency Group promoted Mark Murphy to president from chief operating officer as part of a restructuring that saw about 10 employees exit the company.

Ahead of this week's Federal Open Market Committee meeting, where it is expected to enact another large rate hike, 11 lawmakers sent a letter to the central bank, urging it not to go too far.

The proliferation of mobile banking and online payment services like PayPal is one of several reasons more consumers have joined the financial mainstream, according to the FDIC's latest report on Americans' access to banking services.

Tom Hayes, the former UBS Group trader convicted in the U.K. over the Libor-rigging scandal, had a criminal indictment against him dismissed by a New York judge.

Some of the U.K.'s biggest high street banks are bracing themselves for trouble.

The credit card issuer is still dealing with the effects of a technical glitch in July that affected customer payment rates. But card sales rose in the most recent quarter, and the company is bullish about its positioning in the buy now/pay later market.

Traditional banks are focusing on wealth management services in the next wave of digitization as retail banking returns weaken amid a proliferation of online consumer platforms.

Credit Suisse Group said that Michael Klein is expected to become chief executive of the spun-out First Boston unit, as a result of the radical restructuring of the Swiss lender's investment bank.