Banking
Top editor picks, summarized for you
9/27/2016

American Express can prohibit merchants from encouraging customers to use other cards with lower fees, an appeals court has ruled. The decision reverses a lower court's finding that American Express violated antitrust laws with its policy.

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American Express
9/27/2016

Banks with less than $250 billion in assets that do not conduct significant nonbank or international activity would be exempt from the "qualitative" portion of the Federal Reserve's annual stress test under a Fed proposal. Separately, the Fed intends to require more capital from banks that are systemically important to the global economy, Fed Governor Daniel Tarullo said.

9/27/2016

Presidential nominees Hillary Clinton and Donald Trump had a heated first debate that touched on issues such as taxes, the economy, the Federal Reserve, regulations, race relations and foreign affairs.

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Donald Trump, Hillary Clinton
9/27/2016

Shareholders have sued Wells Fargo for misrepresenting success while inflating performance data through fraudulent cross-selling. The bank's share price dropped 9% after misconduct was revealed.

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Bloomberg
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Wells Fargo
9/27/2016

Consumers worldwide are expected to conduct transactions worth $23.2 trillion via card and $22.6 trillion via cash this year, according to Euromonitor International. This would be the first time consumers spend more using card than cash.

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MarketWatch
9/27/2016

TitleMax parent TMX Finance has agreed to pay a $9 million fine to the Consumer Financial Protection Bureau. The title-loan company does not admit an allegation of using misleading information to get consumers to renew loans.

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The Hill
9/27/2016

Girl Scouts in North Carolina and South Carolina can earn a "women in technology" badge, thanks to the efforts of Cathy Bessant, Bank of America's chief operations and technology officer. Girls earn the badge, which carries the BofA logo, by passing a cybersecurity course or a banking course.

9/27/2016

Square has updated its credit and debit card reader to process EMV cards faster. The reader authorizes transactions in 4.2 seconds, about 25% faster than the speed before.

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PaymentsSource
9/27/2016

Sen. Bernie Sanders, I-Vt., says he supports an effort by Sen. Elizabeth Warren, D-Mass., to block Wall Street executives from presidential appointments should Hillary Clinton win the White House. "We need people in the administration who will stand with working families and the middle class," Sanders said.

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CBS News
9/26/2016

The growth of mobile and online payment channels will boost global payment revenues, but banks and card companies face market-share threats from financial-technology upstarts.