ABA: Report Shows More Consumers Paid Credit Card Balances in Full Amid Rising Card Use in Fourth Quarter 2019
Even as credit card use increased in the fourth quarter of 2019, a record share of consumers paid off their bill in full each month, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted monthly purchase volumes rose compared to the previous quarter, particularly among super-prime (+4.0%) and prime (+2.9%) accounts,…
CFPB: Report Shows Substantial Decline in Credit Applications in March 2020
A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders perform when a consumer applies for new credit. The report found that between the first and last week…
FDIC: Insured Bank Deposits Are Safe; Beware of Potential Scams Using the FDIC’s Name
In light of recent developments related to the coronavirus, the Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money. The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. Since 1933, no depositor has…
Federal Reserve: Primary Dealer Credit Facility Established to Support the Credit Needs of Households and Businesses
To support the credit needs of American households and businesses, the Federal Reserve Board on Tuesday announced that it will establish a Primary Dealer Credit Facility, or PDCF. The facility will allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households. The PDCF will offer overnight and…
Federal Reserve: Commercial Paper Funding Facility Established to Support the Flow of Credit to Households and Businesses
The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs…
FDIC: Steps Announced to Protect Banks and Consumers and to Continue Operations
Given ongoing developments related to the coronavirus, the FDIC today announced the following steps to ensure the health and safety of its workforce and the continuity of its operations: Consistent with recent guidance from the Office of Management and Budget, and out of concern for the health of staff that would have been required to participate…
Agencies Encourage Financial Institutions to Meet Financial Needs of Customers and Members Affected by Coronavirus
Federal financial institution regulators and state regulators today encouraged financial institutions to meet the financial needs of customers and members affected by the coronavirus. The agencies recognize the potential impact of the coronavirus on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision….
CFPB: Key Steps to Prevent Consumer Harm Announced Including Proposed Whistleblower Award Program
The Consumer Financial Protection Bureau (Bureau) today announced three steps to advance its strategy on one of its key priorities: preventing consumer harm. The Bureau is: Implementing an advisory opinion program to provide clear guidance to assist companies in better understanding their legal and regulatory obligations through advisory opinions; Amending and reissuing its responsible business…
FDIC: FDiTech Releases New Guide to Help FinTechs Connect with Banks
FDIC seeks to promote innovation in banking to meet growing consumer demand In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation’s technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks. Conducting Business with Banks: A Guide for Third…
ABA: Report Shows Credit Card Use Expanded in Third Quarter 2019
Credit card use increased in the third quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted purchase volumes rose among prime (+0.8% or $3.85/month) and super-prime (+0.2% or $1.07/month) accounts compared to the previous quarter, consistent with solid consumer spending growth during the same period, while subprime…