Okay. Thank you very much.
Operator
Your next question comes from the line of Tien-Tsin Huang with JPMorgan. Please proceed.
Tien-Tsin Huang - JPMorgan
Hi, good morning. Tien-Tsin. Just wanted to ask about the Shelf, I guess the timing and the intentions of the Shelf. I guess the question is if it''s signaling something on the litigation front or acquisitions or perhaps on providing liquidity from some of your bank owners? Maybe if you could elaborate on that that would be helpful?
Martina Hund-Mejean
Yes, Tien-Tsin, thanks for asking that, but I want to allay any fears here. There is no particular motive to having this timed at this point in time We have actually worked on this for the better part of this year and we just wanted to be sure that both S&P and Moody''s comes out with a credit rating, which they did just recently, one reaffirmed our rating and one had a [new] rating, and so now as we are closing off the quarter and filing our 10-Q, we are obviously able to file for this Universal Shelf. But be rest assured at this point in time we have no intentions to be using the Shelf and we''re not trying to signal anything with respect to litigation or acquisition or anything else.
Tien-Tsin Huang - JPMorgan
Okay, great. Good to know. I guess, my follow-on, I''ll ask Bob, just maybe if we can get some update on the regulatory situation as well as the merchant litigation case, I guess, any new developments or milestones we should be watching for?
Robert Selander
Are we talking U.S. regulatory? Where would you like me to start in the world, Tien-Tsin?
Tien-Tsin Huang - JPMorgan
Whole lots of stuff out there, I guess, U.S. is my primary focus.
Robert Selander
Well, as you read in the papers, as I do every day, we continue to have work being done in both the regulatory regime, as well as the legislative regime as a follow-up to how financial services will be regulated in this country perspectively and that''s an ongoing -- it''s even a debate within the administration and we''ll see how that plays out.
My sense is it''s going to be a challenge to get everything that everyone might want to get done in terms of any legislative changes done this year, whether it''s the debate on do we need a new systemic regulator or should we vest the authority in the Fed and let them continue to do what they''ve been doing over the last year or two with some additional authorities.
From the standpoint of the consumer, Financial Protection Agency, that continues, also, I think to get a reasonable amount of debate. I suspect there will be something that comes on that front, again, depending on the timing, probably not until very late this year or early in the new year.
My perspective on that is for our customers, insuring that there is a level playing field on a national basis, so that we don''t line up with just a whole array of separate state level regulations that I think can undermine the efficiency and the effectiveness of the delivery of good financial services to consumers. I think that''s an important thing. I''m trying to remember, Tien-Tsin, the other thing you had, other than the -- Just lets know.
Tien-Tsin Huang - JPMorgan
No. That''s helpful. Just the merchant litigation case, if there''s any new developments there worth noting?
|
