“As we've said before, if the rule is implemented in its current form, it will have a significant impact on our revenue.”

In context

“. Thanks for taking my question. Just one for me to follow up on John's question there. Just on the late fee rule, I fully appreciate that things remain in flux at this point. But could you give us an update in your latest thinking and how you're potentially preparing for that with any offsets or mitigating actions? Have any of those actions been taken yet? And I get that you talked about taking a more mindful approach here. Just wanted to make sure that this is still the same approach you're taking or if there's anything else we should be thinking about in our models here? Thank you. Andrew Young: Thank you, Jeff. So at this point, we're waiting for industry litigation to play out to see if and when the late fee rule goes into effect. And we're not going to predict when that will happen. As we've said before, if the rule is implemented in its current form, it will have a significant impact on our revenue. But we also believe that the rule will have an impact on the marketplace, including competition, pricing, customer behavior, volumes, credit. The reality is that we have spent decades painstakingly building a customer first franchise with the fewest fees in the industry and extremely simple products. We believe that we've been rewarded for these choices with better growth, better attrition and better credit selection. Ultimately, we will work backwards from what preserves our customer franchise, our customer loyalty and credit resilience if the rule does go into effect. Relative to anything that we've done so-far, we -- really the only thing we've done is we did defer a few investments in anticipation of this rule being implemented. If the ruling never happens, we will likely go ahead and”