Bank earnings have been largely positive in the second quarter despite concerns that tariffs would increase inflation and stifle economic activity. Payment divisions at banks reaped the rewards, too.

Historically high interest rates and falling late-payment rates suggest that credit card issuers are tightening their underwriting standards amid economic uncertainty.

The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.

A federal judge in Texas found that the Consumer Financial Protection Bureau had violated the CARD Act by barring banks from charging late fees for credit cards.

Amid troubling news of tariffs and layoffs, dropping delinquencies offer a rare sign of consumer health.

CEO Richard Fairbank told analysts executives have their "microscopes" out for any signs of trouble, but consumers remain "in a great place."

There is a three-year revolving period when the transaction will not make any principal payments to the notes unless an early amortization event occurs.

The buy now/pay later company beat analysts estimates on revenue and net income and is trying to get more frequent usage out of its customers.

A reserve account is initially 0% at closing. The target will shift between 1%, 2% and 3%, depending on whether the three-month average excess spread falls below certain thresholds.

The trust features early amortization event triggers, including excess spread percentages falling below the required amount for that period or principal payment rates falling below 10%.