Fintech

U.S. credit card balances surged to a record in the third quarter as banks bet that consumers with less-than-stellar credit will be able to handle more debt. 

The Swiss bank is branching out into rural Brazil to find millionaires created by rapid growth in the agribusiness and tech industries who need wealth management services.

"We're at the very beginning of that mission" to tighten policy enough to slow down the economy and push down inflation, says Bill Dudley, a former New York Fed president.

The Federal Reserve's latest rate hike will cost Americans with outstanding credit card debt more than $5 billion in additional interest over the next 12 months, according to an estimate from the personal-finance site WalletHub.

Investment is flowing out of stablecoins into assets like U.S. Treasuries in response to prevailing macroeconomic conditions, according to Circle Internet Financial Chief Executive Jeremy Allaire.

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.