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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....
...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....
...Then came a private credit fund....
...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....
...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”....
...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....
...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....
...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....
...The consortium pools credit risk data and publishes it as a resource for public use....
...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...
...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...
...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....
...“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....
...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...
...And there are few hotter fads in finance today than private credit. What artificial intelligence is to tech, private credit is to Wall Street....
...Barbie Inc: An increasing number of films revolve around the origin stories of everyday objects. Is Hollywood’s basket of ideas finally empty?...
...On the first day, I was introduced to the Financial Times San Francisco bureau’s rapid-fire Slack conversations....
...Before the recent rise in interest rates, this mostly involved gawking at the erosion of lender protections in bond contracts and having fun with credit default swaps....
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