Payments

Four of the seven large banks that own Zelle's parent company, Early Warning Services, said they are reimbursing 15% to 55% of consumers that report fraud on their accounts, according to a report released by Sen. Elizabeth Warren, D-Mass.

TD Bank, the U.S. unit of the Canadian bank, has hired Christopher Fred as its new head of U.S. credit cards and unsecured lending. The bank's retail partners include Target and Nordstrom.

The cloud retail firm NewStore is an early adopter of the tech giant's iPhone payment acceptance service, which some see as a step toward eliminating dedicated checkout lanes altogether.

Everyware, a text-based billing company reports strong demand for installment loans — due in part to the immediacy with which people respond to messages that pop up on their phones.

The Consumer Financial Protection Bureau is investigating some of the bank's credit card practices, including refunds, billing errors and credit bureau reporting, according to a securities filing Thursday.

Klarna Bank, which advertises itself as a way to spread the cost of the latest brands and smartphones, is shelling out loans for milk and gas with cash-strapped customers looking for ways to cover basic necessities.

Pushes for transparency on charitable donations and ghost guns, among others, were voted down.

The credit card issuer Synchrony Financial recently used FICO’s top competitor in a $1 billion deal. The choice is significant for VantageScore, but FICO remains the dominant credit score in the securitization market, according to analysts.

The California tech giant's take on pay-in-four installment loans has a top-of-wallet positioning that banks and merchants are unlikely to be able to match.

A more active Consumer Financial Protection Bureau, competition from Big Tech and sanctions on Russia are combining to make compliance a much larger concern than in the past, according to legal experts who spoke at American Banker's Payments Forum.

A low charge-off rate and an increasing monthly payment rate are credit hallmarks of the latest deal.

Charge-off and payment rates had improved, due to consumer assistance programs and government stimulus funds amid COVID-19 economic slowdowns.

Teaming with the fintech Buy It Mobility Networks, Discover Financial Services plans to enable Automated Clearing House payments within merchant apps.

Six members of the Senate Banking Committee are asking questions about a flurry of lawsuits against credit card customers. The bank denies that it has resumed using robo-signing.

The credit card issuer fielded questions about its fees two days after the Consumer Financial Protection Bureau announced a wide-ranging review of consumer charges. Executives said they would not take a big revenue hit even in the face of new limits.

Now that JPMorgan Chase, Goldman Sachs, Capital One and others offer the alternative credit option, the startups that created this market are adding products to cement their hold on consumers and merchants.

Performances were solid across the board as retail store, late-stage and payment rates all improved, while the prime chargeoff rate reaches a historically low level.

The tech entrepreneur has been increasingly focused on Bitcoin, a key growth area for the payments company he co-founded.

Roger Hochschild predicts consumers will keep using their Discover cards in the months ahead, particularly when shopping online.

Using data aggregation subsidiary Finicity, the card network will allow its bank and credit union partners to offer installment loans directly to consumers, who can repay from checking and savings accounts.