The CEOs of the seven largest retail banks appeared before Congress today for the second of two days of hearings, defending the Zelle peer-to-peer payments network and assuring lawmakers that their institutions reimburse customers for unauthorized payments.
Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) today introduced a companion bill to the Credit Card Competition Act of 2022, which would create new credit card routing mandates that will affect banks that issue credit.
Buy-now-pay-later services have exploded in popularity with five BNPL lenders reporting a near tenfold increase…
As consumers continue to face challenges due to elevated inflation, new data from WalletHub suggests that many are leaning more heavily on credit cards.
Relatively few executives at financial institutions said customers were requesting cryptocurrency options in a recent survey by the digital banking platform provider Alkami.
The pilot program is slated to enter technical testing next month.
Consumers continued to manage their credit well in the first quarter of 2022, a sign of continued U.S. consumer strength during that period, according to ABA’s most recent quarterly Credit Card Market Monitor, released today.
Consumers have reduced the proportion of purchases they charge to credit cards over the past year as their financial stress increased and other payment options—particularly “buy now, pay later” alternatives—grew in popularity, according to the most recent annual survey on credit card satisfaction by consumer research firm J.D. Power, released today.
ABA joined a broad coalition of state bankers associations and credit union associations in a strongly worded letter sent Friday to congressional leaders opposing S. 4674, the Credit Card Competition Act of 2022. The bill, which was introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (Ill.), would create new credit card routing mandates that will affect banks that issue credit.
ABA joined with eight other financial services trade groups in united opposition to a bill introduced today by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) that would create new credit card routing mandates for merchants to be able to choose from at least two unaffiliated networks when routing credit card transactions.