Payments

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.

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.

A tightening economy plus an aggressive start to fourth quarter shopping will put firms' underwriting decisions under the microscope as regulators' concerns mount.

As U.S. credit card balances continue to march above $1 trillion, the number of newly delinquent credit card users now exceeds the pre-pandemic average and millennials and those with student or auto loans are driving the increase in past-due payments, the New York Fed said.

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.

The company says young consumers, steady credit quality and a robust travel recovery will offset a weaker economy for small businesses.

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.

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.

JPMorgan Chase and Discover are among the firms developing new technology to allow more people to shop from behind the wheel.

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.