Fintech

The average rate on variable-rate cards rose above 18% this week, the highest level since 1996, according to data from Bankrate.com. The industry has been enjoying large profits, which has caught the attention of the Consumer Financial Protection Bureau.

The credit-cards-as-a-service model allows small banks to develop more products — and keep more revenue — than they had when working with agent banks.

A shift is underway at the Federal Reserve in how to describe neutral — the interest rate level that neither stimulates nor restrains growth — as it debates how much higher to hike.

Citigroup is seeking 400 more staff for its Belfast office as it expands rapidly outside of London, according to a senior executive at the bank.

California Attorney General Rob Bonta and his New York counterpart, Letitia James, urged the CEOs of Visa, Mastercard and American Express to create a merchant category code for guns and ammunition stores. They argued that "all options must be on the table to remedy" the "scourge of gun violence" in the United States.

President Andres Manuel Lopez Obrador is making it very difficult for Citigroup to fetch a price even vaguely close to the $12.5 billion it paid for the bank two decades ago. 

Customers can use the company's application programming interfaces to set up automatic bill payments and donations, block transactions that would break their budget, and more.

Three New York City pensions filed shareholder proposals with Mastercard and American Express urging the credit card companies to improve tracking of gun sales.

The Federal Reserve's balance-sheet unwind is set to ramp up this week, which means the central bank will finally begin unloading the Treasury bills it started amassing almost three years ago.

Wealthier Americans cut their credit card spending for a third straight month in July as inflation and market volatility weighed on sentiment, according to a study by Bank of America Institute.