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...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....
...The new measure will slash typical credit card late fees from an average of $32 to $8 in most cases....
...Ballast for the theory comes from a National Bureau of Economic Research paper....
...The FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. CREDIT: Forbes Breaking News Read a transcript of this episode on FT.com...
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...The lion’s share of that fee — about $1.80 — goes to the bank that issued the credit card that is being used....
...These revenues grew to more than $14bn in 2022 of the $130bn issuers charged consumers in interest and fees, according to the Consumer Financial Protection Bureau....
...And if he won in November and we saw an expansion of MLB baseball across the world, he’d be taking credit for it and saying it was all his idea....
...Research by the Consumer Financial Protection Bureau showed that more than 80 per cent of the market for credit cards is controlled by 10 of the 4,000 banks that offer them, including Capital One and Discover...
...Experian is the world’s largest credit bureau, with the heft to expand into adjacent markets....
...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 FT’s global head of audio is Cheryl Brumley. Special thanks to Pierre Nicholson. Read a transcript of this episode on FT.com...
...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....
...and revival of confidence....
...It is not just rising base rates that are to blame: credit card companies have increased the margin they add on to a record high, the Consumer Financial Protection Bureau found last month....
...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...
...the proposed ArtFi deal a pristine AAA credit rating....
...Each plastic offset credit in theory represents a tonne of plastic collected or recycled....
...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....
...weak credit and debit card data mean their forecasts may be too optimistic....
...The National Bureau of Statistics said the consumer inflation figure was affected by the timing of the lunar new year holiday, which boosted spending in January last year but which this year falls in February...
...New home sales in September increased 12.3 per cent from August, the Census Bureau said on Wednesday, while existing home sales plunged to the lowest level since 2010....
...On the first day, I was introduced to the Financial Times San Francisco bureau’s rapid-fire Slack conversations....
...Reintroducing credit into the mix runs the risk of opening some of the issues that were previously addressed.”...
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