Fintech

The president and his allies have stepped up their verbal attacks on the Federal Reserve and its chairman in recent weeks, and while the tough talk has not changed policy, it has sent a clear message to the financial sector.

Listen to Gasan Awad, SVP, Fraud Director, Enterprise Fraud Product Management at PNC Bank, Chris Briggs, Chief Product Officer at Mitek and Jay Leal, CIO at Vantage Bank.

Efforts to shoehorn the Credit Card Competition Act into pieces of popular legislation need to be defeated. The proposed law would harm the small businesses and consumers it purports to help.

While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.

Texas' SB 1281 introduces harsher penalties — up to life in prison — and targets check fraud as banks report rising financial crimes tied to stolen mail.

Carvana and Plaid, with the help of Cross River Bank, have launched Request for Payment, which combines billing with The Clearing House's RTP Network. The option has been slow to gain traction, but the companies are betting large-ticket purchases, such as for an automobile, will be popular.

New self-regulatory guidelines for credit cards and checking accounts are arriving at a time of deregulation in Washington, D.C.

Citigroup is on a quest to modernize its global payments stack and be the go-to financial institution for cross-border payments and international corporations. Debopama Sen, head of payments at Citi's Services business, spoke with American Banker about the divisions' progress since its Services Investor Day in June 2024.

The president's rush to weaponize trade policy is going to accelerate efforts by other countries to decrease their reliance on U.S.-based payments processors. That's not in the country's interest.

The company also launched a similarly priced version for businesses as part of an overhaul marking JPMorgan's latest volley in the ultra-competitive world of premium credit cards.