Fintech

The FinTech IPO Index lost 2.6% as earnings trickled in. The buy now pay later (BNPL) space, arguably, held sway — dominating headlines as the Consumer Financial Protection Bureau (CFPB) weighed in with new oversight over providers. The CFPB Weighs In  As PYMNTS reported Wednesday (May 22), The CFPB ruled that BNPL vendors are credit card providers […]

Bank on this cyber security trick. A financial guru recently sounded off on the risks of storing various methods of payment within Apple Pay, or any digital wallet. Money man Dean, of TikTok duo Alexis and Dean, urged in the video that one method in particular is most at risk for bad actors to take […]

Spanish banking group BBVA is stepping up its use of artificial intelligence, signing a deal with OpenAI to start rolling out ChatGPT to thousands of employees. The first European bank to forge an alliance with OpenAI, BBVA has already begun deploying 3000 ChatGPT Enterprise licenses among staffers in a bid to increase productivity and process […]

A former managing director at Citigroup is suing the bank and COO for unlawful termination on the grounds of allegedly refusing to provide regulators with false information. Kathleen Martin was hired by the bank in 2021 and fired in September 2023 due to her complaints, she alleges. She filed the lawsuit in New York district […]

The US Consumer Financial Protection Bureau’s new rule on buy now, pay later lenders has received a mixed reception from industry players, with Affirm welcoming the outcome but rival Klarna calling it “baffling”. The CFPB published its interpretive ruling yesterday, declaring that BNPL lenders should be treated in the same way as credit cards. This […]

The Barclays Scams Bulletin tracks scam types and changes over time, providing information about affected groups and methods to help combat scams Barclays has launched a new bi-monthly scams bulletin to monitor and analyse fraud trends across personal and business accounts. The bulletin shows that the total value and volume of scam claims made in March […]

Cryptocurrency exchange Uniswap released a statement asserting that the U.S. Securities and Exchange Commission’s legal theories on crypto are “weak and wrong.” The statement came in response to the Wells Notice the SEC filed against the crypto exchange a few weeks ago, indicating it will pursue legal action against Uniswap. The SEC’s biggest misconception, according to […]

Mastercard is using artificial intelligence to detect compromised credit cards faster and intercept card data before it ends up in the hands of cybercriminals. Generative AI can cross-reference compromised credit card data with geographical clues to pinpoint breached cards so the company can replace them. Mastercard’s tool can also do the reverse. AI can scour […]

After a multi-year investigation into the market practices of buy now, pay later (BNPL) lenders, the Consumer Financial Protection Bureau (CFPB) has issued an interpretive rule subjecting the industry to regulations currently governing credit card products. More specifically, the interpretive rule would subject BNPL lenders to subpart B of Regulation Z, a section that involves […]

The first quarter often brings relief to credit card issuers, as holiday shopping is over, New Year resolutions bring promises of financial soundness, and tax refunds start to come in. However, issuers not ranked in the top 100 should begin to shudder. The increase in charge-offs for all commercial banks issuing credit cards, which rose […]