Turns out that Target sold their credit portfolio to TD bank whch now holds the power to underwrite applications. Maybe this is the end of the $200 REDcard approval?
Actually, most Americans would be surprised to find out how much financial assets are owned by the Canadian banks. Ever since our government prohibited the mergers of some of the banks, they have been buying assets in other countries. Then in 2008 with the banking crisis happening, my jaw dropped when GWB actually courted the Canadian banks to buy troubled US banks! Fortunately they were much smarter than that and only bought some underperforming and undervalued assets then turned them into useful assets. Some of the CDN banks have nearly as much US assets as CDN now. This has all been done very quietly and without the flair of Warren Buffett buying out US banks ala "Too Big Too Fail".