https://morninginterest.com/A daily briefing on the business of consumer credit: co-brand and private label cards, buy now, pay later, fintech, bank regulation and the data behind them.en-usSun, 08 Nov 2026 16:00:00 +0000https://morninginterest.com/issues/2026-11-08https://morninginterest.com/issues/2026-11-08Sun, 08 Nov 2026 16:00:00 +0000Firms have filed about 31 de novo applications this year, Warren is in line to chair Banking, and the spotlight follows Affirm from its $14.4 billion quarter through the year behind it. Welcome to the Sunday Slow Read. This week's long read follows the fintech rush for bank charters into a Senate that Democrats now control. The company spotlight takes Affirm in two parts: the quarter it has just…https://morninginterest.com/issues/2026-11-07https://morninginterest.com/issues/2026-11-07Sat, 07 Nov 2026 14:00:00 +0000Thursday's 4.4% drop left the S&P 500 down 2.7% on the week, while October payrolls more than doubled forecasts and Block and Sezzle raised guidance. Here is your Weekly Statement. The charges ran high: the Nasdaq's worst day in 19 months and a Democratic win in the Senate, with the House likely to follow. On the credit side, hiring more than doubled forecasts and Block and Sezzle raised their…https://morninginterest.com/issues/2026-11-06https://morninginterest.com/issues/2026-11-06Fri, 06 Nov 2026 13:00:00 +0000October's 165,000-job gain and a 4.1% jobless rate support card and BNPL credit heading into the holidays, but they also lift the odds of a December Fed hike and the funding costs that come with it. Employers added 165,000 jobs in October, more than double forecasts, and unemployment fell to 4.1%: good news for card and BNPL credit heading into the holidays, but it lifted the odds of a December…https://morninginterest.com/issues/2026-11-05https://morninginterest.com/issues/2026-11-05Thu, 05 Nov 2026 13:00:00 +0000Block's $764 million anti-money laundering settlement raises the compliance bar for card issuers and their fintech partners. Block will pay $764 million to settle Justice Department anti-money laundering charges, and today's brief leads with what that bill means for issuers and their fintech partners. Tech stocks are sliding, with QQQ down 3.6% on chip weakness, while Sezzle jumped 22% after…https://morninginterest.com/issues/2026-11-04https://morninginterest.com/issues/2026-11-04Wed, 04 Nov 2026 13:00:00 +0000What a Democratic Congress means for card issuers, plus a strong but cautious night of fintech earnings. Democrats have won control of Congress, and today's brief opens with what that means for card issuers: Warren and Waters in line for the banking gavels, tougher oversight, CFPB hearings and renewed rate-cap pressure, but little chance of sweeping new law with a Republican in the White House.…https://morninginterest.com/issues/2026-11-03https://morninginterest.com/issues/2026-11-03Tue, 03 Nov 2026 13:00:00 +0000The FDIC's upgrade of Old Glory Bank, Bilt's $300 million deal for Lava and a busy afternoon of fintech earnings.https://morninginterest.com/issues/2026-11-02https://morninginterest.com/issues/2026-11-02Mon, 02 Nov 2026 13:00:00 +0000Bank conduct and payment fees lead the news, with fintech earnings, the midterms and a jobs report ahead this week. Sen. Warren's call for a criminal probe of Bank of America, the FTC's suit against Toast and what comes next in the debit-fee fight, plus a busy week of fintech earnings.https://morninginterest.com/issues/2026-11-01https://morninginterest.com/issues/2026-11-01Sun, 01 Nov 2026 16:00:00 +0000A heavy week of BNPL and fintech earnings lands alongside the midterms and an October jobs report that could lock in a December Fed hike. A busy week: Block, Upstart, Sezzle and Affirm all report, Tuesday is the midterms, and Friday's jobs report could settle a December Fed hike. It also covers Amex's new risk chief.https://morninginterest.com/issues/2026-10-31https://morninginterest.com/issues/2026-10-31Sat, 31 Oct 2026 13:00:00 +0000A tech-led sell-off closed out October, with the Nasdaq down about 5% for the month. A Fed official said rate hikes are needed soon, and card lenders lagged banks on Friday. Visa and Mastercard's plan to drop the honor-all-cards rule is drawing doubts that merchants will actually turn premium cards away. Friday's steep tech sell-off that closed out October, a Fed official's call for rate hikes…https://morninginterest.com/issues/2026-10-30https://morninginterest.com/issues/2026-10-30Fri, 30 Oct 2026 12:00:00 +0000OneMain grew receivables 9% and originations 17%, with delinquencies lower but charge-offs a bit higher than a year ago. September PCE inflation rose to 3.6% and the saving rate slipped to 3.8%. An appeals court struck down the Fed's debit interchange cap, sending the rule back for rework. OneMain's Q3, a hotter September PCE print with a lower saving rate, an appeals ruling against the Fed's…https://morninginterest.com/issues/2026-10-29https://morninginterest.com/issues/2026-10-29Thu, 29 Oct 2026 12:00:00 +0000Mastercard grew net revenue 14% with cross-border volume up 11%, a second strong card-network print after Visa. The Fed held at 3.75-4.00% but two members dissented in favor of a hike, and markets now price about 85% odds of a December increase. Q3 GDP came in at a 3.4% pace, led by consumer spending. Mastercard's Q3, a hawkish split at the Fed, a strong Q3 GDP print, and new Synchrony moves in…https://morninginterest.com/issues/2026-10-28https://morninginterest.com/issues/2026-10-28Wed, 28 Oct 2026 12:00:00 +0000Card spend is holding up: Visa grew payments volume 9% and cross-border 14% in its September quarter, and PayPal raised its full-year profit outlook. Consumer confidence rose for the first time in four months. The Fed decides at 2pm ET today, with a hold expected and December hike odds near 73%. Ripple won final OCC approval for a national trust bank. Visa and PayPal results, a jump in consumer…https://morninginterest.com/issues/2026-10-27https://morninginterest.com/issues/2026-10-27Tue, 27 Oct 2026 12:00:00 +0000The Fed's two-day meeting starts today, with futures pricing a ~91% chance of a hold tomorrow but a 73% chance of a hike in December (up from 42% a month ago). That would mean higher funding costs for card lenders. In cards, Citi is refreshing its American Airlines co-brand with a $150 fee, and New Jersey has introduced a BNPL licensing bill. Visa reports after today's close. The start of the…https://morninginterest.com/issues/2026-10-26https://morninginterest.com/issues/2026-10-26Mon, 26 Oct 2026 12:00:00 +0000Stocks are higher to start a heavy central-bank week (the Fed, ECB, BoJ and Bank of Canada all meet), led by semis (SOXX +3.1%), while VIX is down ~7%. Card lenders and big banks are up (SYF +1.4%, JPM +0.9%, C +1.0%). Payments names are lagging (PayPal -3.7%, Block -2.8%). Today's deep dive covers the EU Consumer Credit Directive (CCD2), which turns Klarna and PayPal pay-later into regulated…https://morninginterest.com/issues/2026-10-25https://morninginterest.com/issues/2026-10-25Sun, 25 Oct 2026 15:00:00 +0000BNPL lender Sezzle applied to the OCC for a national trust bank charter, joining a wave of fintechs (Block, Ramp, Avant, Upgrade) moving to become banks rather than rent bank partners. American Express beat Q3 estimates and raised its FY EPS guide, but plans to cut ~5% of staff and was fined $350M by the Fed and OCC over AML failures.https://morninginterest.com/issues/2026-10-24https://morninginterest.com/issues/2026-10-24Sat, 24 Oct 2026 13:00:00 +0000Capital One's third-quarter card charge-offs fell to 3.98% from 4.63% a year ago as EPS reached $5.61, and Bread Financial beat consensus with adjusted EPS of $3.84 and improved loss guidance. Affirm won an exclusive, multi-year deal with Sam's Club, Klarna moved into small-business invoicing through FreshBooks, and Synchrony launched CareCredit Pay Later, a fixed-rate installment loan for…