Angel Au-Young
speaker
44 appearances
1 recordings
1 series
first heard Oct 2024
last heard Oct 2024
Angel Au-Young’s voice in public audio — every appearance, attributed to the second.
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In terms of the credit scores, the prime borrowers are the people who have credit scores that are 660 or higher.
Near prime is around 620 to 659.
The banks and the credit card issuers, when they see consumers with credit scores lower than around 620, then they consider them a subprime.
Earlier this year, Consumer Financial Protection Bureau finalized an $8 late fee cap on credit card fees.
In response to this late fee cap, credit card issuers and banks have said that they've imposed quote unquote mitigating actions to get ahead of the revenue that would be lost from this late fee cap.
So Red Financial and Synchrony are both credit card issuers that deal with more lower income consumers than, say, a big bank.
Prior to this late fee cap passing, Bread Financial internally said, we're never going to put credit card interest rates higher than 29.99%.
But now that there is this late fee cap, Bread has said that they have gotten rid of this internal soft cap and that it's very possible that they will be raising credit card interest rates above 29.99%.
Synchrony is another credit card issuer that deals with the same level of lower income consumers as Bread.
Around the time that the CFPB finalized their $8 late fee cap,
Synchrony raised interest rates on one of their store retail cards to as high as 34.99%.
Synchrony also implemented $1.99 fee for every paper statement for some of its card programs.
And Synchrony has said that this was all in direct result of the CFPB's $8 late fee cap.
So shortly after the CFPB finalized the $8 late fee cap, a consortium of banking groups and industry groups sued to halt the implementation of the late fee cap.
And a judge in Texas agreed with those banking industry groups.
And the $8 late fee cap, it remains tied up in courts.
It has not been implemented yet.
They have voiced a lot of concern.
And in many ways, the CFPB's $8 late fee cap is a direct response to consumers expressing concern about how high rates have gotten.
And when you think about who is the most impacted,
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