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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...
...Other investment outfits inside Brookfield’s credit group include European credit manager LCM Partners, a stake in music royalty group Primary Wave, and a technology-focused lender called Pinegrove, in which...
...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....
...DBRS’s report also contains this wonderful description of Sotheby’s Financial Services’ collection strategy if any deadbeat art collectors fall behind on their payments: SFS employs a strategy for collections...
...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....
...The bureau also said that smaller credit card issuers offered cheaper interest rates compared to larger rivals, including Capital One....
...Experian is the world’s largest credit bureau, with the heft to expand into adjacent markets....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...Then came a private credit fund....
...Biz2Credit also has a separate partnership with the Saudi credit bureau Simah/Qarar and is also aiming to expand there....
...In 2015, the US Consumer Financial Protection Bureau ordered two of Hankey’s companies, Westlake Services and Wilshire Consumer Credit, to collectively pay nearly $50mn in restitution and fines....
...The bond, which priced late on Wednesday, will fund plastics collection and recycling projects in Ghana and Indonesia and highlights the growth of exotic debt structures for environmental causes....
...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 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....
...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....
...By September 2023, Weightman began assembling a private credit team, said Corinthia....
...It referred to a 2015 matter in which the US Consumer Financial Protection Bureau ordered two of Hankey’s companies, Westlake Services and Wilshire Consumer Credit, to collectively pay nearly $50mn in restitution...
...Full-service banks such as JPMorgan are built for scale — ie getting as many deals through the door as possible — so there’s only so much impact any one individual can make. That’s intentional....
...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...
...The company, which levered up when interest rates were low to buy non-performing loans, will get €0.7bn of cash, an equity stake in the new vehicle and a five-year contract to service the assets....
...“As a concept, credit-backed gilt repo is really exactly the same as having credit-backed swaps,” said Simeon Willis, chief investment officer at consultancy XPS Pensions....
...To stop a blockbuster collection going to “the other place”, as Christie’s and Sotheby’s refer to each other, auction houses might charge sellers nothing at all, or even pass through a chunk of the buyer...
...Without it, investors can only look forward to a collection of binary bets (AI and energy storage stuff as well as the robot chauffeurs and butlers)....
...And there are few hotter fads in finance today than private credit. What artificial intelligence is to tech, private credit is to Wall Street....
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