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SF Sector Report Card: Will Congress Take A Swipe At The Credit Card Industry? Aug 07 Product Image

SF Sector Report Card: Will Congress Take A Swipe At The Credit Card Industry? Aug 07

  • Published: August 2007
  • Standard & Poors

FEATURED COMPANIES

  • American Express Co.
  • Bank of America Corp.
  • Capital One N.A.
  • Chase Bank U.S. N.A.
  • Citibank N.A.
  • Discover Bank
  • MORE

Abstract
The first half of 2007 brought a series of Congressional hearings targeting the credit card industry. The new banking committee chairman, Christopher Dodd (D-Conn.), said Congress is "[putting] the credit card industry, issuing banks, and card associations on notice." Nevertheless, Standard & Poor's Ratings Services believes that even if the proposed congressional and regulatory changes go through, andin the worst caseissuers' yield and excess spread decline, investors will continue to be adequately insulated. Key highlights of the credit card ABS market through second-quarter 2007 are: Credit card ABS issuance was higher during the first half of 2007 ($43.1 billion) than it was during the same period in 2006 ($31.9 billion; see charts 1 and 2 for first-half 2007 and year-end...

Companies mentioned in this report are:
- American Express Co.
- Bank of America Corp.
- Sears, Roebuck and Co.
- Citibank N.A.
- Chase Bank U.S. N.A.
- JPMorgan Chase & Co.
- Washington Mutual Bank
- Discover Bank
- Bank of America N.A. (USA)
- Fingerhut Cos. Inc.
- HSBC Bank Nevada N.A.
- Capital One N.A.
- Citibank Credit Card Issuance Trust
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- American Express Co.
- Bank of America Corp.
- Sears, Roebuck and Co.
- Citibank N.A.
- Chase Bank U.S. N.A.
- JPMorgan Chase & Co.
- Washington Mutual Bank
- Discover Bank
- Bank of America N.A. (USA)
- Fingerhut Cos. Inc.
- HSBC Bank Nevada N.A.
- Capital One N.A.
- Citibank Credit Card Issuance Trust
- Nordstrom Credit Card Master Note Trust II
- Discover Card Execution Note Trust
- Cabela's Credit Card Master Note Trust
- GE Capital Credit Card Master Note Trust

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