Payments

Affirm partners with Sixth Street to sell its buy now/pay later loans to the investment firm; Associated Banc-Corp promotes Steven Zandpour to deputy head of consumer and business banking; Visa Direct speeds up its money transfers; and more in this week's banking news roundup.

About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?

The buy now/pay later company beat analysts estimates on revenue and net income and is trying to get more frequent usage out of its customers.

The Swedish institution is adding savings accounts to its signature buy now/pay later service as it plots an IPO. Analysts say it will be a struggle to go against U.S. institutions.

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.

The Federal Reserve scored some important legal victories in lawsuits challenging its discretion to grant or deny applicants for master accounts. But whether those victories will last through the appeals process or scrutiny from Congress is uncertain.

A federal appeals court is putting the transfer of a lawsuit challenging the Consumer Financial Protection Bureau on hold pending the outcome of a hearing on the suit's appropriate venue.

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.

Shared services organizations PSCU and Co-op Solutions are offering post-purchase buy now/pay later loans, with the goal of reaching consumers who are concerned about managing their credit.

In comments submitted to the Consumer Financial Protection Bureau concerning its "large participant" rule governing Big Tech in payments, many commenters outlined procedural concerns, suggesting there may be grounds for litigation when the rule is finalized.