Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed

Key Points

Banks quickly raised interest rates to record levels and added new monthly fees on credit cards last year when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry.
Now they’re far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule in federal court last month.
Synchrony and Bread Financial, two of the biggest players in the business of issuing branded credit cards for the likes of Amazon, Lowe’s and Wayfair, are keeping the higher rates in place, executives said in recent conference calls.

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Finance

China’s self-driving truck leaders say AI breakthroughs won’t accelerate rollout — here’s why

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Key Points Rapid developments in AI by large language models don’t translate directly into autonomous driving. “The world’s best linguistics [expert] doesn’t mean he’s a good driver,” said Pony.ai CEO James Peng. Inceptio, a self-driving truck startup, is still sticking to its timeline for a mid-2028 commercialization milestone, CEO Julian Ma told CNBC. Source

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Apple execs to talk China and tariffs, but will avoid discussing foldable iPhone, per bettors on Kalshi

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