Today In Payments: Biden Taps FTC’s Chopra To Head CFPB; Marc Lore Retiring From Walmart

In today’s top news, Biden is bringing in the FTC’s Rohit Chopra to lead the CFPB, and Founder Marc Lore is retiring from Walmart. Plus, big banks’ Q4 earnings showed that the pandemic’s impact on critical lending and spending wasn’t as bad as first feared.

Biden Taps FTC’s Rohit Chopra To Head CFPB

Rohit Chopra, a commissioner at the Federal Trade Commission (FTC), has been tapped by President-elect Joe Biden to head the Consumer Financial Protection Bureau (CFPB). Chopra previously served as the CFPB’s student-loan watchdog under Obama.

Marc Lore Retiring From Walmart To Create City Of The Future

Serial entrepreneur and Founder Marc Lore is retiring as Walmart’s CEO of eCommerce to help startups and write a book while pursuing his passion for developing a city of the future. He will officially leave his post on Jan. 31, but will continue to serve as an advisor to Walmart through September to fulfill his five-year contract.

Q4 Earnings Show Big Banks Fared OK In 2020

Q4 results show that the worst may be behind us, debit still has traction and digital engagements are soaring. Here are the common threads of the Citigroup, Wells Fargo and J.P. Morgan Chase fourth-quarter earnings reports.

Ant Group Overhauling Operations To Satisfy Chinese Regulators

After having its $37 billion dual IPO pulled by Beijing, Jack Ma’s Ant Group is working fast to overhaul operations to comply with government regulations. The company has established a task force to deal with the problems identified by regulators, and is keeping the lines of communication with regulators open and establishing a timeframe to make changes.

Retail 2021: The Five Things Retailers Should Be Talking About At NRF This Week

This is the week that NRF’s Retail’s Big Show gets underway, virtually this year, to map out retail’s 2021 agenda. This year’s theme is about looking forward as the physical economy reopens, leveraging lessons learned from a pandemic that’s still raging. Karen Webster said the critical conversations about retail’s future must move past the talk and the tactics to the impact of five key realities that she says some of retail’s savviest survivors have already taken on board.

APIs, Data Analytics Bring Cash Flow Control To The Back Office

With 93 percent of businesses experiencing late payments, it’s little surprise that cash flow and liquidity management are top concerns for firms. In The Mastering Multichannel Commerce Playbook, PYMNTS examines how data analytics and APIs help firms gain insights into their cash flows and manage risks.

Car Subscriptions Hit Pause As BMW, Audi Suspend Programs

They’re not exactly headed for the scrap heap, but subscription programs are definitely getting a good look under the hood from auto manufacturers. BMW and Audi have suspended their programs at least temporarily, while Volvo is doubling down on its subscription options.

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