Fintech

Payment professionals expect physical cards to stick around for the foreseeable future, even as mobile wallets gain traction.

The Federal Deposit Insurance Corp. and Texas banking regulators issued consent orders against Industry State Bank, Fayetteville Bank and Citizens State Bank, requiring major overhauls of their management, capital and risk controls.

The Green Bay, Wisconsin-based bank said the 16 lenders it's added have helped drive meaningful loan pipeline growth, and that another 10 new hires are expected by early next year.

The credit card heavyweight said that it expects its acquisition of rival Discover will close in early 2025, pending the approval of shareholders and regulators.

The Consumer Financial Protection Bureau warned companies about modern-day surveillance of workers and requirements to follow the Fair Credit Reporting Act.

With the payments industry looking for signs of consumer distress, the credit card company says spending is starting to stabilize and it's retaining customers at a strong rate.

New York Attorney General Letitia James asked a state court for permission to issue subpoenas to Capital One as part of an ongoing antitrust probe by the state,

The Consumer Financial Protection Bureau said Goldman Sachs failed to investigate tens of thousands of disputes, while Apple misled iPhone purchasers about interest-free payment options. The two companies were ordered to pay $89 million.

The danger for the central bankers is that "they go too fast or too slow and that risk is higher now than it was six months ago," BofA Chief Executive Brian Moynihan said.

Section 1033 promised to increase competition in banking and improve the ability to offer novel payment methods, but experts say the regulation isn't clear enough to have a major impact.