Australia's banks are pushing harder than ever against Apple.
The banks have submitted a formal statement to the Australian Competition and Consumer Commission slamming Apple's security-based argument against collective negotiations to access Apple Pay, according to reports. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank, accused Apple of trying to piggyback on their investment in a national contactless infrastructure, while remaining "intransigent, closed and controlling" in dictating terms for Apple Pay.
A sign for the launch of the Apple pay system, from Apple.Inc is seen displayed at the entrance to a McDonald's Corp. restaurant in London, U.K., on Tuesday, July 14, 2015. Apple Inc. is making the U.K. the first market outside the U.S. for its digital-wallet system as the company fights for a place in the electronic-payments industry. Photographer: Chris Ratcliffe/Bloomberg
Chris Ratcliffe/Bloomberg
Apple faces a lot of pressure to win this battle in Australia, since other large markets such the U.S. could force similar concessions if the Australian banks get their way. When Apple Pay launched in the U.S. in 2014, banks that signed on expressed concern over its restrictions and pricing.
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
The nation's largest bank is planning to implement fees for access to data that has traditionally been provided free of charge. Data aggregators and fintechs accused JPMorgan of exploiting regulatory uncertainty and raising prices for consumers.
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
The buyer said its $70 million cash-and-stock deal for Farmers State Bank will boost its presence in the northeast section of Ohio, and provide plenty of low-cost deposits
Historically high interest rates and falling late-payment rates suggest that credit card issuers are tightening their underwriting standards amid economic uncertainty.