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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....
...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....
...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....
...Credit: The Independent, The Times and the Sunday Times Mentioned in this podcast: Joe Biden’s speech to steel workers underscores union’s burgeoning influence Joe Biden calls for tripling of tariffs...
...Then came a private credit fund....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...“With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” Henry Liu, director of the FTC’s competition bureau, said in a statement...
...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....
...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...
...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....
...It bought personal finance company Credit Karma for $8.1bn in 2020 and email marketing provider MailChimp for $12bn in 2021. But it is Intuit’s talk of AI that is bringing out the Wall Street bulls....
...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....
...and revival of confidence....
...Biz2Credit also has a separate partnership with the Saudi credit bureau Simah/Qarar and is also aiming to expand there....
...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....
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