PAYMENTS NEWS
Illinois bans credit card wagering on sports, but use of digital payment methods at casinos still allowed
Apr 30, 2025
Gamblers will no longer be allowed to use credit cards to bet on sports in Illinois, the Illinois Gaming Board announced Friday.
Judge scraps US rule capping credit card late fees at $8
Apr 24, 2025
A federal judge on Tuesday threw out a U.S. Consumer Financial Protection Bureau rule capping credit card late fees at $8, after the agency agreed with opponents that the rule adopted during President Joe Biden's administration was illegal.
Same-Day ACH Volume Rises 19%
Apr 24, 2025
Business, consumer, and government use of the automated clearing house network continues on its growth pace with overall ACH payment volume up 4.2% in the first quarter year-over-year. Same-day ACH, Nacha’s faster-payments offering, experienced a 19.1% jump in payments.
Trade group pushes directory for instant payments
Apr 24, 2025
The U.S. Faster Payments Council advocated for an open and secure directory service to increase real-time payment adoption, per a report earlier this month.
Apple and Meta Are First to Be Hit by E.U. Digital Competition Law
Apr 24, 2025
The European Commission said the Silicon Valley companies violated the Digital Markets Act, a law meant to crimp the power of the largest tech firms.
The Request for Proposal’s Promise for Real-Time Payments
Apr 30, 2025
Request for payment on the RTP network from The Clearing House Payments Co. LLC has been a feature since the network launched 2017, but users’ increasing embrace of RfP is triggering more development of it.
Exclusive: Visa threat report highlights NFC relay attack
Apr 24, 2025
Relay fraud — a category of schemes that abuse the near-field communication (NFC) technology that enables tap-to-pay — is having a resurgence this Spring, according to Visa's latest biannual threat report.
Fed, FDIC force more oversight of Discover
Apr 23, 2025
The Federal Reserve and the FDIC penalized the card network for overcharging merchants on interchange fees and said it must pay $250 million in fines and make restitution to merchants.
With The Final OKs, the Capital One-Discover Combo Sets a May 18 Closing
Apr 23, 2025
More than a year after Capital One Financial Corp. announced its $35-billion deal to acquire Discover Financial Services, it received the last federal regulatory approvals to move ahead and has set a May 18 closing.
From Buzzwords to Bottom Lines: Understanding the AI Model Types
Apr 23, 2025
There’s an alphabet soup of terms floating around when it comes to artificial intelligence models. There are foundation and frontier models, large and small language models, multimodal models — and the AI model term du jour, reasoning models.
What magstripe card extinction means for banks
Apr 23, 2025
EMV chip cards have grown exponentially and legacy magnetic stripe cards will soon be nearly gone.
Breaking News
Apr 23, 2025
The Office of the Comptroller of the Currency has conditionally approved Capital One’s acquisition of Discover, the agency announced Friday.
Judge again halts CFPB’s 1,500 layoffs
Apr 23, 2025
The bureau sent reduction-in-force notices to roughly 90% of its staff Thursday, with plans to cut off terminated employees’ access to CFPB systems at 6 p.m. Friday. A judge intervened.
Global Payments raises bets on merchant services with $22.7 billion Worldpay deal
Apr 17, 2025
Fintech company Global Payments has agreed to buy rival Worldpay from FIS and private equity firm GTCR for $22.7 billion, doubling down on merchant services to better compete for big-business clients in the crowded payments market.
Trade war could weaken banks, regulators — and competition
Apr 16, 2025
A tariff-driven recession could strain the U.S. banking sector by eroding credit quality and slowing investment, increasing the likelihood of small and mid-size bank failures, experts say. That could drive an uptick in government-assisted M&A deals, continuing the trend of consolidation in the industry.
How Trump's trade war threatens global payment growth
Apr 16, 2025
Companies are reporting first-quarter earnings now, but the next round of results are expected to reveal the effects of tariff-driven volatility that began in March. Investors will be looking for clues that payment volume is stagnating or even declining.
DOGE descends on FDIC in federal downsizing push
Apr 15, 2025
A team of Department of Government Efficiency employees are working to restructure the Federal Deposit Insurance Corp. alongside the banking agency's management, according to an email obtained by American Banker.
Republicans pressure Fed on debit card fees
Apr 14, 2025
Some House Financial Services Committee members are pressuring the Federal Reserve to reverse a proposal to lower the debit card fees that banks can charge.
Trump's deregulation push threatens notice-and-comment rule
Apr 14, 2025
Recent actions by President Donald Trump could accelerate his push to rollback onerous regulations on banks and other businesses, but they also risk setting precedents.