regulations or implement responsible business, social, environmental and supply chain practices, we could be subject to damage to our 
reputation, class action lawsuits, legal and settlement costs, civil and criminal liability, increased cost of regulatory compliance, restatements 
of our financial statements, disruption of our business and loss of customers. Any required changes to our employment practices could result 
in the loss of employees, reduced sales, increased employment costs, low employee morale and harm to our business and results of 
operations. In addition, political and economic factors could lead to unfavorable changes in federal, state and foreign tax laws, which may 
increase our tax liabilities. An increase in our tax liabilities could adversely affect our results of operations. We are also regularly involved in 
various litigation matters that arise in the ordinary course of business. Litigation or regulatory developments could adversely affect our 
business and financial condition.
We continue to face uncertainties due to financial services industry regulation and supervision that could have an adverse affect 
on our operations. 
Federal and state regulation and supervision of the financial industry has increased in recent years due to implementation of consumer 
protection and financial reform legislation such as the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”) and 
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Financial Reform Act”). The Financial Reform Act significantly 
restructured regulatory oversight and other aspects of the financial industry, created the Consumer Financial Protection Bureau (“CFPB”) to 
supervise and enforce consumer lending laws and regulations, and expanded state authority over consumer lending. The CARD Act included 
new and revised rules and restrictions on credit card pricing, finance charges and fees, customer billing practices and payment application. 
We anticipate more regulation and interpretations of the new rules to continue, and, depending on the nature and extent of these new 
regulations and interpretations, we may be required to make changes to our credit card practices and systems, which could adversely impact 
the revenues and profitability of our Credit segment. In addition, we operate in a regulated environment where financial supervisory agencies 
provide oversight over our activities. Compliance with applicable laws and regulations could limit or restrict our activities and the conduct of 
our business and enforcement actions by those agencies for failure to comply could have an adverse impact on us.