The Week in Review

The Week in Review

Friday October 11, 2019 –

Here are the new and noteworthy stories we have been following this week.

U.S. Consumer Credit Tops Forecast on Non-Revolving Debt

U.S. consumer credit increased to $4.14 trillion in August driven by strong gains in installment credit which was up $20 billion; revolving credit was more muted contracting by $2 billion.

Affirm Announces New App Enabling Consumers to Shop Anywhere and Split Payments

Affirm is launching a new app that allows consumers to pre-qualify for installment credit and download and use a virtual card at stores that accept Apple Pay and Google Pay.

Robinhood makes second attempt at launching a high-yield account similar to banks

Robinhood has launched a cash management account with a 2.05% interest rate along with a Mastercard branded debit card.

Ripple brings blockchain tech to Finastra banking customers

Ripple is working with Finastra to provide its blockchain technology for cross-border payments to Finastra’s banking customers.

UNICEF launches Cryptocurrency Fund

UNICEF is establishing a UNICEF Cryptocurrency Fund to receive, hold, and disburse donations of cryptocurrencies ether and bitcoin.

Nordic banks agree to fund common payment service

Six of the Nordic region’s biggest banks have agreed to invest in pan-Nordic instant payment system P27, aiming to integrate payment services in the region into a single platform.

Sallie Mae Launches New Credit Cards Designed for College Students and Young Adults

Sallie Mae has launched a set of credit card products targeted at college students and young adults with a view to build and foster financial responsibility.

Federal Reserve Gives Large Banks a Break on Postcrisis Rules

The Fed has passed new regulation to ease liquidity and capital rules at banks with less that $700 billion in assets and relax the living will filing requirement for the largest banks.

Upgrade, Inc. Launches Upgrade Card

Upgrade, Inc. is launching the Upgrade Card that provides acceptance at Visa merchants as well as POS installment loan functionality that ranges from 12 to 60 months.

Mastercard, Visa, eBay and Stripe quit Facebook’s Libra

Following on the heels of PayPal’s exit, Visa, Mastercard, eBay, Stripe and Mercado Pago have withdrawn from Facebook’s Libra project.