consumer credit

Banks have tightened consumer credit standards for three years.

Stage One was to apply a formula that had been dreamed up to cope with corporate credit risk to consumer credit risk.

Slowing growth, market volatility and uncertainty among employers could potentially lead to worsening consumer credit performance, he said.

Under the terms of the proposed settlement, cards would be grouped into three broad categories: commercial cards, premium consumer credit cards and standard credit cards.

Brookfield also acquired a majority stake in Angel Oak, an Atlanta-based asset manager operating as Angel Oak Capital Advisors and focused on residential mortgages and consumer credit.