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☆ Visa CEO Alfred Kelly to Retire
▼ + stars: | 2022-11-18 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Ryan McInerney will become the next chief executive of Visa Inc. in February, the company said. Visa Inc. said on Thursday that Alfred Kelly will step aside as chief executive, effective February, and become executive chairman of its board. Ryan McInerney , the card giant’s longtime president, will become the next chief executive. During his tenure, Visa, which is the largest card network in the U.S., also further expanded its focus on other payment flows. These include helping money move over its network without the use of cards, including for transactions that involve governments and businesses.

☆ Goldman Sachs’s 80 New Partners Are the Happiest People on Wall Street Today
▼ + stars: | 2022-11-09 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Goldman Sachs has been trying to renew the appeal of the bank’s partnership. Goldman Sachs Group Inc. promoted 80 bankers into its partnership on Wednesday, the biggest class since Chief Executive David Solomon took over in 2018. Top brass in recent years had come to view the partnership as less prestigious than it once was, and Mr. Solomon has been trying to restore its allure, in part by elevating fewer people. Goldman promoted 60 new partners in 2020 and 69 in 2018. Both times, it marked the smallest class in two decades.

☆ Goldman Sachs, Eager to Grow Cards Business, Courted Credit-Card Technology Firms
▼ + stars: | 2022-11-08 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The headquarters of Goldman Sachs, which has been trying to round out its investment-banking and trading units in part by growing its cards business. Goldman Sachs Group Inc. has expressed interest in buying a payments-technology firm to further build out its credit-card capabilities, according to people familiar with the matter. Goldman executives had discussed acquiring Deserve, a fintech credit-card platform that the bank already has close ties to, according to people familiar with the matter. Executives also sounded out another fintech credit-card platform called Cardless and a payments company called CoreCard Corp., the people said.

☆ Credit-Card Debt Returns to Levels Before Covid-19 Pandemic
▼ + stars: | 2022-10-28 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Credit-card debt recently reached a new milestone: It returned to where it was before the pandemic. Total card balances in the U.S. hit $916 billion in September, nearly identical to December 2019 levels, according to the credit-reporting firm Equifax Inc. Balances are up 9% from January and about 23% higher than their pandemic low in April 2021.

☆ Mortgage Lenders Should Use FICO and VantageScore for Loans Sold to Fannie and Freddie, FHFA Says
▼ + stars: | 2022-10-24 | by ( Annamaria Andriotis | Andrew Ackerman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/fhfa-says-lenders-should-use-both-fico-and-vantagescore-for-loans-sold-to-fannie-mae-freddie-mac-11666634415

☆ Visa, Mastercard Draw New Government Scrutiny Over Debit-Card Routing
▼ + stars: | 2022-10-17 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The Federal Trade Commission is examining whether the Visa and Mastercard security tokens prevent online debit-card payments from going over other networks. The Federal Trade Commission is investigating whether Visa and Mastercard security tokens restrict debit-card routing competition on online payments, according to people familiar with the matter. The FTC for the past few years has already been probing whether Visa and Mastercard block merchants from routing payments over other debit-card networks. The networks acknowledged an FTC probe in regulatory filings in recent years.

☆ ‘Buy Now, Pay Later’ Is Still a Credit-Score Blind Spot
▼ + stars: | 2022-10-13 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

U.S. consumers signed up for billions of dollars of “buy now, pay later” plans last year. Almost none are reflected in their credit scores. Equifax Experian PLC and TransUnion began allowing buy now, pay later companies to report their short-term payment plans earlier this year. But some of the biggest players in the business, including Affirm Holdings Klarna Bank AB and Afterpay aren’t yet doing so.

An A-list group of financial backers including Ken Griffin and Peter Thiel gave Toby Neugebauer tens of millions of dollars to build a new kind of bank—one aimed at people who see Wall Street as too liberal. The potential customer base was huge, Mr. Neugebauer and his business partner, former Mike Pence chief of staff Nick Ayers , told the investors. Plumbers, electricians and police officers, the pitch went, are fed up with big banks that don’t share their values.

☆ Visa, Mastercard, Amex Face Calls From GOP Attorneys General to Abandon Gun-Shop Code
▼ + stars: | 2022-09-20 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

Visa, Mastercard and Amex say the new merchant code won’t stop gun purchases from happening. Republican attorneys general of 23 states are warning Visa Mastercard and American Express not to move forward with their plan to add a new code to identify when purchases are made at firearms retailers. The attorneys general said in a letter that the card companies’ plan could lead to the misuse of consumer data and wouldn’t protect the public.

Pro Cyber NewsToo many small and medium-size businesses rely on usernames and passwords alone to secure their systems, leaving them vulnerable to cyberattacks that could otherwise be prevented, government officials and cybersecurity chiefs say.

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