Kate Fitzgerald is an Arizona-based senior editor for American Banker and longtime payments reporter. Fitzgerald began her journalism career at the San Diego Tribune, and has worked as a reporter and editor at several other publications, including Advertising Age and the Arizona Republic. She is a graduate of Lewis & Clark College and holds a master’s degree from Northwestern University’s Medill School of Journalism.
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A proposal from the Consumer Financial Protection Bureau to extend the same protections as credit cards to the fast-growing BNPL industry aims to protect consumers, but it could also stunt the nascent industry's growth, experts say.
June 4 -
Financially stressed consumers nearing their credit limit use buy now/pay later loans to finance smaller purchases, while wealthier households want to avoid paying interest or carrying a balance on credit cards for bigger-ticket items, according to the New York Fed.
February 15 -
Despite tougher economic conditions, BNPL lenders are driving growth by expanding to new audiences and checkout channels, as well as fine-tuning proprietary risk-management models.
December 26 -
A tightening economy plus an aggressive start to fourth quarter shopping will put firms' underwriting decisions under the microscope as regulators' concerns mount.
December 11 -
The Swedish furniture giant debuts a modest U.S. buy now/pay later loan program via Afterpay, with interest-free terms that are unlikely to anger regulators.
September 19 -
Discover Financial Services' stock tumbled after revealing a new FDIC consent order regarding consumer compliance. Separately, the financial institution also copped to misclassifying certain credit card accounts into its highest merchant-pricing tier beginning in 2007.
July 20 -
The Federal Reserve's instant-payments rail may cut into card issuers' credit and debit card volume over time, but it could also help smaller institutions expand their services.
July 5 -
The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.
June 9 -
The online lending marketplace is teaming up with Upgrade on a card that operates like a fixed-rate loan, in a move to turn around multiple quarters of disappointing financial results.
February 27 -
Discover Financial Services posted a healthy fourth-quarter increase in card spending and lending, but analysts raised concerns about a sharp rise in credit account charge-offs that's likely to continue into 2024.
January 19
