Credit cards were "instrumental in maintaining consumer purchasing power and economic continuity" during the coronavirus pandemic, writes Erica Sandberg of CardRates, citing a Consumer Bankers Association blog post. Credit card spending represents 22.4% of GDP, amounting to $5.83 trillion, and has supported small businesses and the financial security of households, but restrictive regulations could hinder this positive impact, Sandberg writes. CBA says that "a number of misguided pieces of legislation on Capitol Hill ... would impose government price controls on this highly valued financial tool that millions of Americans use each and every day."

The Consumer Financial Protection Bureau is eliminating a Biden-era registry to which nonbanks are required to report violations of state and local court orders. The CFPB is also ending a separate Biden-era rule mandating that nonbanks report terms and conditions of arbitration clauses. Acting Director Russ Vought said the information in the registry is already publicly accessible elsewhere and that the registry's benefits "are speculative and likely minimal."

Half of US consumers in a PayPal survey said they expect to use buy now, pay later services for holiday shopping, primarily for budget control and affordability. The survey highlights the increasing reliance on BNPL among Generation Z and millennials, with one-fourth of them saying they use such services regularly.

US Bank CEO Gunjan Kedia said financial institutions should "lean into" innovations such as cryptocurrency if they create client value, rather than clinging to "an old product or an old business model." Speaking at an industry event, Kedia urged industry leaders to "relish" change and said that periods of disruption present opportunities for forward-thinking banks to outperform competitors.

SoFi rolled out an AI-driven personal finance tool named Cash Coach to analyze user accounts and recommend higher-yield savings or debt reduction strategies, marking the first phase of its broader SoFi Coach platform, which is set to debut next year. The neobank also reported its eighth straight profitable quarter, posting 38% revenue growth and record-high adjusted net revenue and loan originations.

The Federal Reserve is expected to cut its benchmark rate by 25 basis points today, bringing it to a range between 3.75% and 4%. Policymakers are moving to support the economy amid signs of a cooling labor market and subdued inflation, even as data gaps from delayed government reports cloud the outlook. The decision reflects a precautionary step to sustain growth and maintain confidence while leaving the door open for further adjustments if economic conditions weaken.

Santander reported an 8% increase in net income to $4 billion in the third quarter, surpassing forecasts due to US lending growth and other efficiency gains. The bank said it expects to meet its full-year targets and that its profit in the US surged 64% in Q3.