What impact has the change in the bankruptcy law in October 2005 had on CPS?
We found that new bankruptcy filings in 2006 were less than half of historical levels as a percentage of the portfolio. We feel that the change in law has accelerated the timing of losses slightly. Customers that are not able to file are being charged off sooner. However, it is still too early to conclude what kind of lifetime net loss impact this will have. At this time, we feel it will not be significant.
