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...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
...Castlelake has taken advantage of recent market turmoil to expand its credit portfolio beyond aircraft leases, buying up billions of dollars of consumer instalment loans from fintech group Upstart....
...His administration has also accused companies of exploiting customers through “shrinkflation” — charging the same price for smaller goods or fewer services....
...In all, banks’ share of private lending in the US economy has fallen from 60 per cent in 1970 to 35 per cent last year, according to a new National Bureau of Economic Research paper....
...Credit card balances are at a record high Voters are stressed about credit card debt: 28 per cent cited it as one of their biggest sources of financial stress in a poll for the Financial Times and Michigan...
...Capital One Financial, which is buying rival Discover Financial Services, is up 50 per cent. Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...Another 50 cents is collected by the merchant acquirer, or companies such as Block or Stripe that provide the shop’s point-of-sale service system....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...UBS executives are working to complete the merger of the bank’s legal entities with those of Credit Suisse by the end of May....
...In 2015, the US Consumer Financial Protection Bureau ordered two such companies, Westlake Services and Wilshire Consumer Credit, to pay nearly $50mn in combined restitution and fines....
...Experian is the world’s largest credit bureau, with the heft to expand into adjacent markets....
...Swipe fees — otherwise known as interchange fees — have long been a point of contention between merchants and credit card companies....
...Biz2Credit also has a separate partnership with the Saudi credit bureau Simah/Qarar and is also aiming to expand there....
...US airlines generated $6.8bn from them in 2022, the latest data available, according to the Bureau of Transportation Statistics. That is more than double from a decade earlier....
...The company now says profits and cash flow are sufficiently formidable to support debt service and capital expenditure without the need to raise fresh cash....
...She has since logged complaints with the Better Business Bureau and contacted a lawyer. “They already knew my credit score when I contacted him, so it seemed legitimate,” said Angela....
...Barings is suing a Nomura-backed venture after most of its top private credit team defected to the new firm, in what the fund manager described as one of the “largest corporate raids at an asset manager...
...Then came a private credit fund....
...President Joe Biden hailed Friday’s report from the Bureau of Economic Analysis as a “significant milestone” in efforts to return inflation back to its pre-pandemic levels....
...Many banks, she reckons “are unable to uniquely identify and systematically aggregate or measure their combined credit and counterparty risk exposures to the private equity sector”....
...Not only have they been completed, but they are also close to services. Some new developments have been thrown up in the hope of services ultimately emerging....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...Merkel also abolished Germany’s military draft; Merz and his allies are proposing an obligatory year of “service to society” for school-leavers, which can include a stint at the armed forces....
...The lack of deals and an avalanche of money that has poured into credit markets is beginning to relieve headaches across the private equity world....
...Reintroducing credit into the mix runs the risk of opening some of the issues that were previously addressed.”...
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