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Banks Report Record Quarterly Increase in Sour Credit-Card Debt

“Banks reported a record increase in sour credit-card debt in the first quarter and a surge in past-due commercial and industrial loans, a federal regulator said Wednesday. The Federal Deposit Insurance Corp. in a quarterly report on bank earnings reported a 22.8% surge in commercial and industrial-loan balances that are 90 days or more past […]
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Goldman Sachs Tries Banking for the Masses. It’s Been a Struggle.

“Marcus launched without a collections team to chase down delinquent borrowers, resulting in early loan losses, people familiar with the matter said. A credit card developed with Apple Inc. was a coup, but a costly one: Thousands of engineers across Goldman were diverted to finish it in time for an August debut, delaying other projects. […]
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Retailers Don’t Like Paying the Fees for Your Apple Card

“That’s because the card, marketed by Apple and backed by Goldman Sachs Group Inc. , is designated “elite,” which allows it to levy significantly higher interchange fees on each swipe or tap. Those fees aren’t paid by the consumer but by the merchant as part of the cost of accepting credit cards. A grocer can […]
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PayPal to Launch Venmo Credit Card in Partnership With Synchrony

“The market for credit cards is crowded, but PayPal PYPL, +0.57% and Synchrony expect that consumers will see value and differentiation in their offering due to a focus on the back-end user interface. Venmo cardholders will be able to deal with all aspects of their cards from within the Venmo app, providing a “native in-app experience” […]
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On The Wires

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