Senator Richard Durbin, D-Ill., demanded that the CEOs of Mastercard and Visa testify on April 9, 2024, before the Senate Judiciary Committee about competition in the credit card industry. Durbin questions the card companies' claims that passage of the Credit Card Competition Act, co-authored with Sen. Roger Marshall, R-Kan., would harm rewards programs and dismisses arguments from the Electronic Payments Coalition (EPC) that the Act would disproportionately benefit big businesses—the EPC cited a study estimating it would cause $12 billion in lost rewards for small retailers.
The Act, Durbin maintained, aims to introduce more options for merchants in processing card payments. He accuses Visa, Mastercard and airlines like American and United of resisting competition and spreading false claims about the Act.
A new study by the International Federation of Robotics (IFR) and Fraunhofer IPA found 3.9 million robots were deployed across 40 countries, indicating growing demand for robotic technology.
The study identifies five key robotic trends: AI and machine learning: innovations like ChatGPT enable natural language programming, simplifying robot control; expansion of cobots: advancements in sensors and grippers enhance human-robot collaborations, improving workplace safety; mobile manipulators: mobile platforms with arms support human workers, addressing staffing shortages; digital twins: virtual models enable safe testing and modification of robots before physical implementation; and humanoid robots: expected mass production by China by 2025 may revolutionize various sectors.
Researchers stressed collaborative robots' role in complementing human labor, enhancing productivity, and mitigating economic challenges.
Discover, established in 1986 and now part of Discover Financial Services, and Capital One, formed in 1994, are poised to revolutionize the credit card industry through a $35.3 billion all-stock deal. Capital One plans to acquire a 60 percent stake in Discover. Retaining the Discover brand, Capital One intends to transition some cardholders to Discover cards.
The merger creates synergies in payment processing, leveraging Discover's network and Capital One's technological prowess, creating a powerhouse that could rival Visa and Mastercard. Discover's CEO anticipates accelerated growth through the partnership. The deal, subject to regulatory approval, offers Discover shareholders a premium. Expectations are for the deal to finalize in late 2024 or early 2025, with three Discover board members joining Capital One's board.
New studies by NexisLexis Risk Solutions and SonicWall reveal a surge in cyberattacks employing AI and advanced technologies and targeting financial institutions, enterprises and individuals. SonicWall's CEO emphasized the inadequacy of traditional security measures and urged collaboration to combat the escalating threatscape. LexisNexis Risk Solutions reported soaring financial crime compliance costs, reaching $61 billion in the United States and Canada.
Recommendations include outsourcing security needs to managed service providers and leveraging AI-driven compliance solutions. SonicWall predicted intensified attacks on small to midsize businesses and government agencies in 2024, with malware, ransomware, IoT exploits, and encrypted threats on the rise. Researchers recommended a balanced approach to compliance and customer experience, embracing AI and advanced analytics to counter evolving cyber threats effectively.
Obtaining individual money service business (MSB) licenses across all 50 states is a significant challenge, even for technology giants like X (formerly Twitter), which has secured licenses in several states. Acting Comptroller of the Currency Michael J. Hsu is advocating for a federal framework for payments regulation, echoing recommendations from the U.S. Treasury's 2022 report on the future of finance. Hsu's proposed federal licensing aims to enhance efficiency, protect users and improve cross-border payments.
The Electronic Transactions Association supports a national licensing system, anticipating streamlined operations and a better consumer experience. Payments attorney Adam Atlas, understanding the current complexity and costliness of the current licensing process, created MSBStatus.com, which offers a centralized resource on MSB registrations. 
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