Credit Crunch '09: June Update

As we hit mid year in this challenging environment for the card industry, unemployment-driven charge-offs, the bane of any recession, will likely end up as the year' s greatest issuer concern. As the industry wrestles to control credit risk in the midst of shrinking outstandings and a shifting regulatory playing field, many of our concerns for a perfect storm of events in 2009 are proving to be well-founded.