Chris Gorman: Sure. I’ll start, and then I’m going to flip it over to Clark. But it’s a great question and it’s one, as we sort of have gone through our reset, we’ve spent a lot of time talking about these capabilities that we need to make sure we have. Before we bought Laurel Road, they securitized and distributed 100% of their loans. Going forward, we’re going to be securitizing and distributing their loans. We have the people and we have the ability to do it. So it’s a really good question. While I’m on the point of Laurel Road, the other thing we’ve done on Laurel Road is we really made two pivots in what’s been going on with the federal student loan payment holiday. One, we turned it into a complete digital platform, whereby we can have loans, deposits, importantly, checking account, card, mortgage, et cetera.
The other thing that we did is when we bought GradFin, and we’re in the early days of this, Ken, but GradFin is a market leader in advising people around not only public service loan forgiveness, but the whole income-based debt repayment which the government is really opening up the aperture for. It’s falsely complex and you need someone to sort of help you through it, which is a good thing. But that’s another pivot that we’ve made there. But getting back to your question about sort of our asset-light model. Clark, why don’t you talk about — speak to that, particularly around mortgage as well.
Clark Khayat: Yes. So I think largely, we’re going to look to continue to distribute. I mean we do have capabilities now, where we distribute a lot of debt. We’re going to expand that more consistently, I think, to the consumer side. The point I think on Laurel Road that Chris made that I just want to reiterate is we never acquired it to be a student loan only generator, that was kind of the headline. It was intended to be a full-service banking platform, and we continue to build toward that, and we think it’s got some really unique. And differentiated capability around this income-driven repayment and public service loan forgiveness, and you may have seen some commentary out of the government in the past week around the IDR specifically and some of the complexities of that, which I think will accrue to our benefit over time. .
Ken Usdin: Got it. So, if I can wrap that together, is it fair to say that the trade-off of less NII — less loan growth over time getting the LDR down, you’ll sacrifice some NII help on the capital side and then move towards more of a fee-generating model just in terms — yeah.
Clark Khayat: Yeah. I think that’s the right idea. I think we’re also demonstrating more deposit growing capability there. And again, we’re still relatively new in having those capabilities. But I think that’s the right way to think about it. So, more of a fee advice and core banking generator than a loan shot.
Ken Usdin: Okay. Got it. Thank you.
Clark Khayat: Yep.
Operator: We’ll go next to the line of John Pancari with Evercore. Please go ahead.
John Pancari: Good morning.
Chris Gorman: Good morning, John.
John Pancari: Just going back to the $900 million on slide 9 of the NII pickup from treasury and swap maturities. So let me just ask it this way, aside from a change in the rate backdrop and your interest rate outlook, what could prevent you from realizing that? I know, there’s a fair amount of investor skepticism around the ability of that $900 million to find its way into the numbers. From your perspective, how do you size up the risks? What are the — the risk that you do not realize in that? What gets in the way? Is it more on the deposit side, or is it an asset side of the picture that could prevent that from being realized?
