Merchants sue OCC, NCUA over Illinois swipe-fee preemption Merchants say the regulators overstepped and skipped public comment. They put the stakes at $242 million or more a year in card fees on sales tax and tips.
Jump to a section Jump to: Top 3 Cards & payments Banks & charters Policy & enforcement Jobs & the Fed Fintech & funding On the calendar Top 3 if you read nothing else Nine merchant groups sued the OCC and NCUA over the preemption moves a judge relied on to block Illinois' swipe-fee law for national banks and federal credit unions. Hancock Whitney agreed to buy Trustmark for about $3.2 billion in stock, a deal that would create a bank with about $58 billion in assets. Rent-to-own company Acima agreed to a $183.5 million settlement with 43 states, which said it misled consumers about the cost of its rent-to-own agreements.
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Cards & payments Illinois swipe fees
On Nov. 12, nine merchant trade groups sued the OCC and the NCUA in federal court in Washington over the agencies' moves to preempt Illinois' Interchange Fee Prohibition Act. The groups include the National Retail Federation and the National Grocers Association. The OCC acted in April, and the NCUA followed in June. The suits say the agencies exceeded their authority, acted arbitrarily and skipped the notice-and-comment process the Administrative Procedure Act requires.
A federal judge in Chicago relied on those moves to block the law as applied to national banks and federal credit unions. That ruling is on appeal at the 7th U.S. Circuit Court of Appeals, which is scheduled to hear arguments in late January. The law bans interchange fees on the sales tax and tip portions of card purchases and is set to take effect July 1, 2027. The groups say Illinois merchants pay at least $242 million a year in those fees.
FIS
FIS CEO Stephanie Ferris said Thursday that some larger bank clients changed the timing of their projects, a shift that weighed on the company's 2027 outlook, issued with last week's results. "We own that ourselves," she said. She expects the delayed revenue to come in through 2027 and into 2028, which will affect 2027 margins. FIS is reviewing non-core assets to help pay down debt, and Ferris said nearly any sale would be dilutive.
PayPal-Workday
PayPal is now a direct-deposit option for U.S. employees of participating companies that run payroll on Workday. Workers can get paid up to two days early, at no added cost to employers.
Visa-Anchorage
Visa now lets eligible partners settle their VisaNet obligations in USDPT, Western Union's stablecoin, which Anchorage Digital Bank issues. USDPT is the first Anchorage-issued stablecoin Visa supports as a native settlement asset, and Anchorage said it will explore support for more stablecoins. In September, Visa said its stablecoin settlement had topped a $20 billion annualized run rate.
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Banks & charters Hancock Whitney-Trustmark
Hancock Whitney of Gulfport, Miss., agreed to buy Trustmark of Jackson, Miss., in an all-stock deal valued at about $3.2 billion, or $54.02 a share. Trustmark has about $19 billion in assets. The combined bank would have about $58 billion in assets and about 370 branches across the Southeast. The banks expect the deal to close in the first quarter of 2027.
First International-Dominion
First International Bank & Trust of Watford City, N.D., agreed to buy Dominion Bank of Dallas, which has about $650 million in assets, for an undisclosed price. The combined bank would have about $7 billion in assets and 31 locations, and the deal is set to close in the first quarter of 2027.
OCC risk report
On Nov. 12, the OCC said in its fall Semiannual Risk Perspective that credit risk in the loan portfolios of the banks it supervises remains modest overall. The report flagged how interest rates could affect margins and securities portfolios, and said threat actors' use of advanced super intelligence amplifies cybersecurity and fraud concerns.
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Policy & enforcement Rate caps
In a Nov. 9 letter, 18 Democratic state attorneys general, led by Oregon Attorney General Dan Rayfield, urged House leaders to reject a bill that would limit states' power to cap interest rates. Federal law lets a state-chartered bank charge borrowers in any state the rate its home state allows, but a state can opt out of that rule. Colorado, Oregon, Iowa and Puerto Rico have opted out, and the attorneys general say that lets those jurisdictions apply their own rate caps to loans their residents get from banks chartered elsewhere. H.R. 7866, the American Lending Fairness Act, would make an opt-out cover only a state's own banks.
The House Financial Services Committee approved the bill Sept. 16, and it awaits a full House vote. A federal judge blocked Colorado from applying its caps to out-of-state state-chartered banks. The full 10th U.S. Circuit Court of Appeals heard arguments Aug. 18 and has not ruled.
Acima settlement
Acima Digital, a rent-to-own finance company, agreed to a $183.5 million settlement with 43 states. The states said Acima misled consumers about the cost of its rent-to-own agreements, hid terms during electronic signing, marked up retailers' prices and made it hard to return merchandise without penalty.
The settlement includes $43 million in restitution and $130 million in cuts to customers' lease balances. Another $10.5 million goes to the states. Acima also agreed to restrict certain advertising claims, stop marking up retailers' prices and, for five years, not report these agreements to the three credit bureaus.
Jobs & the Fed Jobless claims
Initial jobless claims rose to 200,000 in the week ended Nov. 7, topping the 195,000 forecasters expected. The four-week average was unchanged at 195,250, and continuing claims slipped to 1.697 million in the week ended Oct. 31.
Fed speakers
Cleveland Fed President Beth Hammack, a voter this year, said Thursday she favors smaller, more frequent rate increases and sees no need yet for bigger ones. She said she would consider larger moves if the Fed fell "behind the curve." A quarter-point hike is widely expected at the Dec. 8-9 meeting. The target range is now 3.75% to 4%.
Fed Governor Michael Barr said Thursday that policymakers should prepare for the possibility of serious short-term job disruptions from AI.
New jobless claims, 4-week average (thousands)
191.5 205.2 218.8 232.4 246.1 J A D
Continuing claims (millions)
1.7 1.8 1.8 1.9 2.0 J A D
Each line is one year, by week of the year. Left: the 4-week average of new (initial) claims, people filing for unemployment benefits for the first time. Right: continuing claims, people still collecting after their first week, one week behind. Labor Department via FRED, seasonally adjusted; 2026 through Nov. 7 (new) and Oct. 31 (continuing).
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Fintech & funding Imprint
Imprint said Wednesday it raised $130 million at a valuation of about $1.9 billion in a round led by Khosla Ventures. The company runs co-branded credit cards for brands including Albertsons, Fanatics, Kroger and Shell. It also launched Imprint Access, a secured card for people who are new to credit or rebuilding it, with the same ongoing rewards as the brand's unsecured cards. First Electronic Bank issues Imprint's cards, according to Contrary Research.
Pagaya
Pagaya Chief Financial Officer Jon Dobres said Thursday that asset-backed securities now make up about half of the lending platform's funding, down from about 75% a year ago. He said forward-flow deals could account for maybe 15% to 20% of the mix.
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On the calendar All times ET.
Friday, Nov. 13
8:30 a.m.
October producer price index (forecast up 0.4%, after 1.3% in September).
9:10 a.m.
Boston Fed President Susan Collins speaks.
9:40 a.m.
Dallas Fed President Lorie Logan speaks.
10:50 a.m.
Fed Vice Chair for Supervision Michelle Bowman discusses supervision and regulation.
noon
San Francisco Fed President Mary Daly speaks in a moderated discussion.
7 p.m.
Fed Vice Chair Philip Jefferson speaks on productivity.