Consumer Finance Weekly: V, MA, AXP, AFRM, KLAR, Student Lending, Auto Lending

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Consumer Finance Weekly: V, MA, AXP, AFRM, KLAR, Student Lending, Auto Lending

TD Cowen

Global Research May 21, 2026

V, MA: The U.K.'s FCA proposed new rules to force V and MA to disclose their

U.K. financial performance on concerns that ⁠their profit margins were higher

than ⁠expected in competitive markets. Our Take: We believe this is an attempt

by regulators to draw attention to V and MA's strong profitability, making the

case for lower network fees. Source: reuters

MA: MA and JD.com announced strategic partnership to support business

growth through payments innovation. Our Take: The initial focus is on

expanding payment infrastructure to support international business and

enhance inbound visitor experience in China, plus collaboration on applying AI

and advanced technologies to commerce and fraud prevention tools. Source:

company

MA: Mastercard is stepping up its fight against scam merchants with the launch

of Merchant Trust Services. Our Take: This will help acquirers and issuers identify

scam storefronts before they scale and impact consumers, and is built on MA's

network intelligence and real-time analytics. Source: fintechmagazine

Payment: Plaid launched a guaranteed ACH payment solution. If Plaid approves

the transaction, the company will guarantee settlement. If a payment fails, Plaid

will cover the loss and handle recovery. Our Take: This should help improve

certainty when it comes to ACH-based payments, though will likely erode some

of the cost advantage of ACH payments over cards. Source: pymnts

AXP: AXP and sports platform Fanatics announced a strategic partnership

where AXP becomes the Official Payments Partner across select Fanatics online

and retail locations worldwide and a presenting sponsor at Fanatics Fest, one of