Fintech

Three years after expanding into credit cards, Goldman Sachs has quietly signed up a third partner, T-Mobile US.

More U.S. consumers are saddled with credit card debts for longer periods of time, according to a survey, struggling to pay down amid high inflation and rising interest rates.

Late penalties on credit cards are set to rise 9% in 2023 under current rules that allow for increases tied to the Consumer Price Index. But Consumer Financial Protection Bureau Director Rohit Chopra says he wants to issue a regulation that could undo that inflation-related exception to limits on fees that banks may charge cardholders.

The International Standards Organization's approval of a new merchant category code for gun and ammunition sales paves the way for credit card networks to begin flagging suspicious weapons sales to law enforcement agencies.

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.