“but we expect to have fully transitioned new originations by the end of Q3.”

In context

“below their historical focus on prime customers. And that's also, frankly, a point about the existing book that they've already originated over the years. So even as we continue to be more conservative on high-balance revolvers, we will lean into heavier spenders and also expand opportunities for emerging prime customers. So we are bullish about the opportunities to build on this Discover franchise, both the existing customers and the flow that comes to people seeking to get a Discover card. You mentioned the conversion timing. Let me talk a little bit about that. We have already started originating Discover cards on our platform. It's at relatively low levels we've been testing. I think we're up to like 8%. No, I'm not even scratched that number. I'm not exactly sure what the levels are, but we expect to have fully transitioned new originations by the end of Q3. In fact, I think it was 8% at this point. But think of by the end of Q3, basically in September, we will be fully transitioned to the Discover branded originations being booked on Capital One's technology and with Capital One's underwriting and strategies. Now with respect to the back book, we expect that 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 ama”