Capital One

Congress has broad subpoena powers to demand the president’s financial records, but no bank wants to disclose confidential information about a powerful client.

The suit seeks to block the banks from complying with congressional subpoenas targeting the president’s bank records, escalating his showdown with Democratic lawmakers investigating his finances.

Thirty-day delinquency rates, a harbinger of future write-offs, also increased at all seven of the largest U.S. card issuers in the first quarter.

Pentagon Federal Credit Union, JPMorgan Chase, Capital One, Citigroup and a handful of others have pumped more than 100 million contactless credit and debit cards altogether into the U.S. market recently, but it’s a drop in the bucket in the world’s largest card market.

JPMorgan Chase, Capital One, Citigroup, Pentagon Federal Credit Union and a handful of others have pumped more than 100 million contactless credit and debit cards altogether into the U.S. market recently, but it’s a drop in the bucket in the world’s largest card market.

Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.

Executives from Ally Financial and Santander Consumer USA gave rosy outlooks about 2019 consumer trends, while other banks that rely less heavily on car lending offered more cautious appraisals.

At banks of all sizes — from the $7.2 billion-asset WSFS Financial to the $373 billion-asset Capital One — marketing budgets ballooned in the fourth quarter.

In selling its Walmart credit card portfolio to Capital One and extending a partnership with Sam’s Club that appeared to be in peril, Synchrony Financial avoids an expensive legal battle with the world’s largest retailer.

The McLean, Va., company also reported a decline in charge-offs on credit card loans.