Credit performance stabilizes at Synchrony
After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.
Payments
Once dismissive of fintechs, traditional lenders now feeling their bite
Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.
What’s behind the rise in credit card delinquencies
It’s no coincidence that with more than half of consumers ages 20 to 29 now holding credit cards — up from 41% in 2012 — 90-day delinquency rates are at a seven-year high, according to the New York Fed.
Temporary relief from CFPB remittance rule set to expire next year
The rule requires disclosure of exact fees but institutions can estimate pricing under an exception that will expire in 2020. The CFPB is seeking comment to prepare for that deadline.
Consumer lenders ease fears over credit quality
Measures of loan performance were generally better than expected at Ally, American Express, Synchrony and Sallie Mae. Their 1Q reports suggest that consumers remain able to meet their obligations despite a long run-up in debt.
Credit card, auto loan delinquencies hit seven-year high
More consumers were late in paying two major types of loans in the latest figures from the American Bankers Association, but it appears to be a relatively isolated problem.
Can Citi and Chase beat fintechs at their own game?
The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back.
JPMorgan Chase to offer online loans to credit card customers
The foray into digital consumer lending follows a similar move by rival Citigroup.
By
Andy Peters
Apple, Goldman to test joint credit card: Report
The move, reported by The Wall Street Journal, could be part of a deeper foray into cobranded cards by Goldman, which has been expanding into consumer finance through its Marcus unit.
Household debt hit another all-time high. Is it poised to level off?
While student, auto and credit card balances are at or near record levels, housing debt is shrinking, credit quality is weakening a bit and lending standards, at least in some sectors, are tightening.
By
Alan Kline
Loans sold, partnership renewed, lawsuit dropped: Synchrony’s win-win-win
In selling its Walmart credit card portfolio to Capital One and extending a partnership with Sam’s Club that appeared to be in peril, Synchrony Financial avoids an expensive legal battle with the world’s largest retailer.
By
Andy Peters
Fed not an impediment to fintechs’ charter ambitions: OCC’s Otting
Some in the industry worry the Fed may balk at allowing OCC charter recipients into the payments system, but Otting downplayed those concerns.
Synchrony to issue credit cards for home shopping channel
As part of the agreement with HSN, Synchrony has also extended its partnerships with HSN affiliates QVC and the e-commerce site Zulily.
Plastic cards will be gone in five years: Synchrony CEO
Margaret Keane discussed Synchrony's investments in technology, including how the card issuer plans to use customer data to help retailers create targeted ads, during an appearance Tuesday in New York,
To boost credit scores, FICO, Experian, Finicity want bank data
In a move designed to improve access to financial products for consumers with low credit scores and short credit histories, Experian, FICO and Finicity are developing an "UltraFICO" score that lets individuals share checking and savings account data and help lenders better assess risk.
Citi’s credit card business reaches a turning point
Citigroup spent years reeling in customers with promotional rates, many of which have expired or soon will. The bank thinks it can keep a large number of those customers and make more money off of them.
By
Andy Peters
Fewer consumers falling behind on credit card bills: ABA
Rising wages and savings rates resulted in a decline in past-due payments in the second quarter, the American Bankers Association said in its quarterly report on delinquency trends in consumer lending.
What 2Q says about the outlook for consumer credit
Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.
By
Andy Peters
Who won, who lost in Supreme Court’s credit card ruling
American Express prevailed Monday in an eight-year antitrust battle with the government. Here’s a look at how other card networks, banks, retailers and consumers will be affected.
How credit card issuers are prepping for the next downturn
Dark clouds may not yet be on the horizon, but industry executives are sending the message to investors that they know a turn in the credit cycle is coming, and they are planning accordingly.
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