Fintech

Mastercard is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments. 

In another sign that the pandemic-fueled migration to digital transactions is here to stay, Capital One is dropping a mobile-payment incentive for REI credit card customers as it takes over issuance of the Mastercard from U.S. Bank.

More than 250 midsize and large companies that do business with BofA have signed up for its corporate employee banking and investing program, which pulls double duty as a retention tool for the companies and a customer-growth engine for the bank. The initiative is part of a wave of such offerings by regional and large banks.

Business-to-business payments have long been stuck in the past, with a heavy emphasis on paper checks. The need for modernization has attracted a flurry of technology developers.

The Chicago-based company, which is the league's exclusive credit card sponsor, sees soccer's young, diverse fan base as a fit for its below-prime products.

Data as of Mar. 31, 2022. Dollars in thousands.

An outage with the issuer's bill payment site unleashed a torrent of complaints on social media and to the Consumer Financial Protection Bureau — even after the company said it had resolved the issue.

A federal judge in New York vacated the guilty plea of a former Deutsche Bank trader who admitted to conspiring with others to manipulate the Libor interest rate benchmark, after an appeals court overturned the convictions of two of his ex-colleagues earlier this year.

The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.

Membership at the Virginia credit union has grown rapidly in recent years, including an 11% spurt in the first half of this year, thanks to a charter switch, heavy marketing spending and generous deposit rates.