Wells Fargo CFO Doesn't See Sea Change in Consumer Credit

The transcript discusses Wells Fargo's credit card business, highlighting its growth and the nature of charge offs. It explains that charge offs are higher in newer cardholders but normalize over time. The current economic conditions, such as full employment, are favorable, but there is intense competition in offering credit, which may lead to excessive credit availability. The rising charge offs are attributed to a shift in risk profiles rather than economic downturns.

In what ways are credit card companies competing to provide credit to consumers?

What implications could a recession have on consumer credit according to the text?