“One other thing. In parallel to Discover's dial back of card loans, they also dialed back personal loans. Those loans are mostly cross-sell to the existing file. And those cross-sells have been further scaled back sort of for mechanical reasons during the integration process. So there is a brownout in personal loans also during this period, even as we like that business that they have built and do plan to lean into that on the other side.”

In context

“the back book of existing Discover accounts will be fully converted onto our platform by the first quarter of next year. It will be a phased conversion starting late this year going in through the first quarter of next year. And as the customers get on our platform, we're going to be able to start leaning in more into originations and credit line management, leveraging the many credit policies and strategies and opportunities that we have while, by the way, still preserving some very amazing great things that we've learned from Discover and things they've taught us about exceptional things to do with certain customer segments. And then finally, when you think about that timing, just now that the loan growth benefits will be lagged by another couple of quarters just as the balances build. One other thing. In parallel to Discover's dial back of card loans, they also dialed back personal loans. Those loans are mostly cross-sell to the existing file. And those cross-sells have been further scaled back sort of for mechanical reasons during the integration process. So there is a brownout in personal loans also during this period, even as we like that business that they have built and do plan to lean into that on the other side. So pulling way up, these brownouts are a natural and temporary part of the deal and have been accompanied by a better credit and even some margin strength along the way. So we're very pleased with how the integration is going. Pleased with what we find about Discover and their franchise and their credit policies they've used but bullish about being able to bring that into the Capital One technology and credit policy. So kind of pulling way up on your question, their strength in our core branded card business, particularly the higher upmarket you go in terms of the growth metrics. And we'll be held back a little bit by the brown out and -- but we'll continue to lean into the opportunity on the other side. Moshe Orenbuch: I could just sneak in a follow-up. Just to kind of follow up on Ryan'”