credit cards

Credit cards start cutting limits for people facing tough times

04/23/20

Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.

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Discover takes new approach to fraud as coronavirus drives more online, phone applications

04/21/20

Discover transitioned all of its 8,600 U.S.-based call center personnel to work from home within a matter of days after the U.S. declared a national emergency on March 13. By March 20, Discover had 95% of its agents working from home using a thin-client device to emulate their call center desktops.

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Synchrony's 1Q profits hit by drop in consumer spending

04/21/20

The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.

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Consumer credit at big banks is holding up — so far

04/15/20

Quick forbearance actions averted an immediate hit to asset quality, but executives warned that a spike in unemployment and a looming recession will cause long-term problems.

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Citi’s bond-trading windfall no match for surge in loan-loss provisions

04/15/20

Net income fell 46% in the first quarter as the company added nearly $5 billion to its loss reserves in anticipation of a wave of loan defaults.

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Brown, Warren call on CFPB to protect consumers, not financial firms

04/07/20

Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.”

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Colorado bank rebrands to highlight bigger role in payments

03/31/20

The newly minted Transact Bank will provide payment processing and card issuing services to a wide range of clients.

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CFPB urged to take more active role in coronavirus response

03/30/20

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

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Visa says consumer spending has ‘sharply declined,’ even online

03/30/20

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

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CFPB postpones quarterly HMDA reporting

03/26/20

The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.

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