Consumer Credit Rises to Record $3.8 Trillion
The surge in borrowing in October was fueled by a 9.9% increase in revolving credit outstanding, which mostly consists of credit-card loans.
Mastercard Profit Jumps 21% to Record $1.43B
Strong consumer spending overseas helped drive Mastercard's gross dollar volume to $1.4 trillion in the third quarter.
Rewards Spending Cuts Into AmEx Profit
The company's consolidated expenses rose 21% to $5.8 billion in Q2 as it tried to keep affluent customers from switching to rivals.
AmEx Sales Drop 2% to $7.9B, Beat Estimates
The company has been more aggressively marketing its products and making changes to the Platinum Card to recover from the loss of its Costco partnership.
Former iPayment Execs Charged With $11M Fraud
Ex-employees Nasir Shakouri and Robert Torino allegedly embezzled funds through phony expense reimbursements, inflated invoices, and other improper actions.
MasterCard Acquires U.K. Payments Giant VocaLink
The deal signals MasterCard's continued penetration of international payments and point-of-sale markets.
Square Stock up 8% on News of Visa’s Stake
The disclosure of the size of Visa's 2011 investment fuels speculation about its plans with the mobile payments startup.
Target to Pay $39M to Settle Data-Breach Claims
The settlement is with MasterCard and credit-card issuers seeking to hold Target liable for costs related to the 2013 breach.
Visa Agrees to Buy Visa Europe for $23.4B
The deal will create a windfall for the banks and other entities that now own Visa Europe, with U.K. banks alone expected to pocket $1.4 billion.
GE Sheds Another Finance Asset in $9B Deal
The sale of GE's healthcare lending unit to Capital One Financial brings its announced divestitures of finance assets to about $78 billion.
Consumer Borrowing Hits Record $3.4T
June data from the Federal Reserve suggest a healthy outlook for consumer spending in the second half of 2015.