Fintech

Reacting to a sharp uptick in charge-offs, Synchrony more than doubled its provision for credit losses during the first quarter to account for further shocks along with healthy loan-portfolio growth as more consumers revolve credit card balances.

Executives and financial strategists are considering derivatives as a hedge against rising interest rates.

Wealth management lifted the firm's bottom line, as the unit's revenues rose 11% over the past year and it hauled in assets across multiple channels.

In an open letter to National Credit Union Administration Chairman Todd Harper, NAFCU's B. Dan Berger calls for the 89-year-old interest rate ceiling to be reconsidered.

More credit unions are diversifying their investments and accessing federal funding from multiple sources to shore up against risk.

The amount of U.S. junk bonds has fallen 11% from its peak in October 2021 to $1.41 trillion, according to a Bloomberg index tracking corporate high-yield debt.

The world's largest retailer sued Capital One over their four-year-old credit card partnership, saying the bank failed to meet customer service standards. The McLean, Virginia-based bank disputed the allegations, and analysts said that the firm could compensate by landing new credit card partnerships or cutting back on marketing expenses.

PhonePe backs away from a buy now/pay later acquisition, Germany fines EY for Wirecard scandal, and more.

Rates are rising and maturities are shortening in unsecured commercial paper, raising the possibility of a credit crunch and further regulatory intervention.

Bank regulators have historically neglected the needs of Black communities. Channeling funds to the banks that serve them would repair some of the damage.