Stablecoin growth could affect credit markets, rating agency warns

The growth of stablecoins that are not fully backed by safe assets could trigger a destabilization in short-term credit markets, rating agency Fitch has warned. In a commentary note, the agency explained that coins that are fully backed by safe assets pose a lesser risk for the financial markets. The agency gives USD Coin (USDC), which is backed by United States dollars on a one-to-one basis held in custody accounts,…

Senate Passes Bipartisan Bill to Help Iowa Farmers Join Carbon Credit Markets, Benefit from Conservation Practices | U.S. Senator Chuck Grassley of Iowa

WASHINGTON – The U.S. Senate today passed legislation backed by Sen. Chuck Grassley (R-Iowa) that will allow Iowa farmers to capitalize on conservation practices and actions that combat climate change. The legislation, the Growing Climate Solutions Act, was introduced in April and creates a certification program at the U.S. Department of Agriculture (USDA) to help solve technical entry barriers for farmer and forest landowners interested in entering carbon credit markets.…

Manhattan’s American Express profit beats estimate, says credit spending declines

On Friday, American Express Co., the Lower Manhattan, New York City-based American multinational financial services provider, had topped first-quarter profit estimates, though the payment processing giant had also added that travel and entertainment-related expenses on its cards had nearly halved over the first quarter as people stayed at home due to a stiffer pandemic restriction in major G20 economies, which in effect had eclipsed the credit card giant’s better-than-anticipated profits…

Foster City payment processor Visa being probed over abuse of debit-card dominance

The US Department of Justice has launched a probe on online payment processing giant and debit card provider Visa Inc over accusations that the Foster City, California-based financial services company that facilitates electronic payments mostly through its Visa-branded credit, debit and pre-paid cards, might be engaged in anti-competitive practices in a much-monopolized US debit-card market, a Wall Street Journal report had unveiled late on Friday citing unnamed sources familiar with…

Best Credit Cards for 2021 | ConsumerAffairs

Capital One Read 5,181 Reviews Offers credit cards with features like travel rewards, cashback rewards and credit-building perks. No starting balance requirements for new checking accounts. Also offers home and auto loans. Limited branch locations. Discover Read 1,033 Reviews Provides credit cards, banking services and loans. Get preapproved for credit cards on the website. Offers special credit cards for students and those who want travel benefits or cashback rewards. Chase…

Californian credit card giant Visa Inc. profit tumbles 23% as payment volumes sour

Late on Wednesday, Visa Inc., the San Francisco, California-headquartered credit card behemoth, had released its quarterly earnings’ report for fiscal fourth quarter of the year that ended on September 30, while the American multinational payment processor had missed Wall St. estimates for its fourth-quarter profit, as tens of millions of people across the globe who had been laid-off due to the pandemic-led economic downturn appeared to have continued to keep…

San Francisco’s Visa Inc. profits shrink as consumers lower spending amid pandemic

As a direct hit to credit card processing giant Visa Inc.’s bottom line, the San Francisco, CA-based financial services company said on Tuesday that its second-quarter operational profits were plunged by 23 per cent compared to the same time year earlier, underscoring a histrionic slowdown in spending from consumers and businesses as pandemic uncertainty had forced card holders to keep a lid on their expenses. In point of fact, since…