Third Quarter Highlights: • Total loans grew $6.9 billion (9%) from the prior year to $80.4 billion. • Credit card loans grew $5.5 billion (9%) to $63.5 billion and Discover card sales volume increased 5% from the prior year. • Total net charge-off rate excluding PCI loans increased 61 basis points from the prior year to 2.71% and the total 30+ day delinquency rate excluding PCI loans increased 26 basis points from the prior year to 2.05%. • Consumer deposits grew $3.4 billion (10%) from the prior year to $38.7 billion. Click Read More below for additional information.
The Postal Service announced it will implement upgraded service standards for its USPS Retail Ground (RG) and Parcel Select Ground (PSG) products effective Aug. 1, 2022. Within the contiguous United States, service standards for these products will be accelerated from two- to eight-days to two- to five-days for the same affordable price. Items containing hazardous materials or live animals are not eligible for the upgraded service standards.
RG is a ground shipping product for packages, thick envelopes and tubes (with a maximum weight of 70 pounds) that are not required to be mailed via First-Class Mail service and are available only through retail channels. PSG is an economical ground delivery service similar to RG for commercial shippers.
The Postal Service is aligning the RG and PSG service standards with the current First-Class Package Service (FCPS) standards within the contiguous US. Processing this mail with FCPS packages will enhance customer service and better optimize the Postal Service’s package processing and surface transportation networks.
“Upgrading service standards for Retail Ground and Parcel Select Ground products is another way we are improving delivery for our customers,” said Postmaster General Louis DeJoy. “Offering faster, affordable delivery is how we will become the best in the industry.”
On March 21, 2022, the Postal Service filed a request with the Postal Regulatory Commission for an advisory opinion regarding proposed changes to the service standards for RG and PSG competitive products. Following a hearing on the record, on June 9, 2022, the Commission issued an advisory opinion acknowledging the change improves service, and therefore generally benefits mailers and is in the public interest. The Commission made certain recommendations in its opinion, and the Postal Service will, consistent with those recommendations, closely monitor the impacts of the change to ensure it achieves the anticipated operational and customer service benefits.
more at: https://about.usps.com/newsroom/national-releases/2022/0623-usps-accelerates-delivery-for-retail-ground.htm