Payments

The Federal Reserve's instant-payments rail may cut into card issuers' credit and debit card volume over time, but it could also help smaller institutions expand their services.

JPMorgan Chase and Discover are among the firms developing new technology to allow more people to shop from behind the wheel.

Rising interest rates on loans, greater borrowing and higher fees on deposit accounts all contributed to the increase. "Altogether, this paints a picture of debt that could really start to strain the checkbooks of American families," said Meghan Greene, a researcher at the nonprofit organization that authored the report.

The current deal, BA Credit Card Trust Class A, 2023-1, has 31.75% in credit support provided by the B, C and D certificates.

The slow rollout of Apple's buy now/pay later service contrasts starkly with the aggressive moves of leading BNPL fintechs. Analysts say Apple's restraint could pay off in time.

The deal will issue two series of notes, 2023-1 and 2023-1 from the master trust. Both series will issue classes A and B notes, but in both cases only the class A notes will be publicly offered.

Delinquency rates in credit cards, auto and personal loans are effectively back to normal after three years of unusually strong credit performance. Industry executives say the current situation is easily manageable, but they do anticipate that key metrics will continue to worsen.

The current ABS pool is more heavily weighted toward large balances. Accounts with balances of $10,000 or more account for 49.9% of the pool.

Despite some signs of weaker performance, metrics remain within manageable levels, and credit enhancement appears to be sound.

The online lending marketplace is teaming up with Upgrade on a card that operates like a fixed-rate loan, in a move to turn around multiple quarters of disappointing financial results.