ABA: Credit Card Market Continued to Normalize in Third Quarter 2022
Consumers continued to effectively manage their credit obligations despite economic headwinds in the third quarter of 2022, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. The report found that the effective finance charge yield (which measures interest payments relative to total outstanding credit) increased, reflecting the Federal Reserve’s interest rate hikes…
ABA: New Report Shows Farm Bank Lending Increased in 2022
Banks reported holding over 1.1 million small farm loans worth $69 billion. Despite headwinds in 2022 due to supply chain disruptions, shocks to supply and demand, volatility in commodity prices, and geopolitical uncertainty, agricultural lending by U.S. farm banks increased 8.1% in 2022 to $103.1 billion, according to the American Bankers Association’s annual Farm Bank Performance…
ABA: New Webpage Launched Highlighting Programs Designed to Improve Access to Capital for Underserved Small Businesses
The American Bankers Association today launched a new webpage providing information on special purpose credit programs (SPCPs) and highlighting the role they can play in meeting the credit needs of economically disadvantaged small businesses. In support of the Office of the Comptroller of the Currency’s Project REACh, ABA is making this online resource available for banks and other…
ABA: Association Offers Congressional Testimony on Strength of Banking Industry
FirstBank CEO Jim Reuter appears on behalf of ABA members before House Financial Services Subcommittee on Financial Institutions and Monetary Policy The American Bankers Association today provided testimony to the House Financial Services Subcommittee on Financial Institutions and Monetary Policy on the banking industry’s public policy priorities, new initiatives to foster innovation and competition in financial services,…
ABA: Bank Economists Expect Credit Conditions to Weaken over Next Six Months as Inflation Moderates
Bank economists expect credit conditions to soften over the next six months as the economy slows and the Federal Reserve considers additional steps to rein in inflation, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest report finds slightly less pessimistic near-term expectations for business and consumer credit quality and…
ABA: CFPB Cautioned to Tread Carefully on Personal Financial Data Rulemaking
In a new comment letter filed today, the American Bankers Association urged the Consumer Financial Protection Bureau to “tread carefully” in its rulemaking under Section 1033 of the Dodd-Frank Act and to “recognize the deep complexities at the heart of personal financial data rights and the need to strike a harmonious balance between consumer interests…
ABA: Foundation Launches 2023 Financial Education Campaigns, Three-Year Initiative to Reach 5 Million Americans
The theme for this year’s campaigns is ‘Protecting Your Financial Future’ The American Bankers Association Foundation today launched its 2023 financial education campaigns, calling on America’s banks and their more than two million employees to participate in these important industry programs and help more consumers achieve long-term financial stability. It also announced a three-year industry-wide…
ABA: Bank Economists See Inflation Moderating as Growth Stalls in 2023
Weakening consumer and business spending, and improving supply chains, will support the Federal Reserve’s efforts to drive inflation lower this year and next toward its 2% target, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. The committee, comprised of 15 chief economists from some of North America’s largest banks, also…
ABA: Foundation and the FBI Release New Infographic on Holiday Shopping Scams
The infographic provides tips to help consumers detect and avoid falling for online shopping scams, like non-payment and non-delivery scams The American Bankers Association Foundation and the Federal Bureau of Investigation have joined together to release a new infographic offering consumers important tips to avoid online shopping scams this holiday season. According to the FBI’s Internet Crime…
ABA: Research Finds Credit Card Market Remained Strong but Softened Slightly in Second Quarter of 2022
Consumers continued to manage their credit well despite economic headwinds in the second quarter of 2022, according to the American Bankers Association’s latest Credit Card Market Monitor. The report found that credit card credit outstanding as a share of disposable income remained well below pre-pandemic levels in the second quarter while inflation-adjusted monthly credit card…