Federal Reserve: From Income to Consumption Inequality? Looking through the Lens of Motor Vehicle Purchases
Wendy Dunn and Maria D. Tito1 Rising income inequality in the United States over the past several decades has been well documented in the economics literature.2 Recent studies have also looked at the dispersion in consumption, since it more accurately captures disparities in economic well-being. Here, however, the findings are mixed–while some authors find the…
ABA: Report Shows Consumer Delinquencies Mixed in Third Quarter
The delinquency picture was mixed in last year’s third quarter, as delinquencies in closed-end loans (like personal or auto loans) rose while delinquencies in key open-end loans (like credit cards) fell, according to results from the latest American Bankers Association Consumer Credit Delinquency Bulletin. Overall, delinquencies fell in 5 and rose in 5 of the…
Federal Reserve: Recent Trends in Small Business Lending and the Community Reinvestment Act
Tim Dore and Traci Mach In this note, we analyze data on small business loan originations collected under the Community Reinvestment Act (CRA) to document heterogeneity in the recovery in small business lending since the financial crisis. Small business loan originations by CRA respondents declined significantly between 2007 and 2010 and, by 2016, have only…
FHFA: Index Shows Mortgage Rates Increased in November 2017
Nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.05 percent for loans closed in late November, up 7 basis points from 3.98 percent in October….
CFPB: New Report Released on the State of the Credit Card Market
The Bureau of Consumer Financial Protection (Bureau) today released its biennial report on the state of the credit card market. The report found that the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased over the past several years. The report found also…
FDIC: Resource Guide Highlights Collaborative Opportunities with Minority Depository Institutions
The Federal Deposit Insurance Corporation (FDIC) today issued a resource guide that underscores ways insured depository institutions, including community banks, can partner with minority depository institutions (MDIs) to the benefit of all institutions involved, as well as the communities they serve. The resource guide also notes that banks may realize business and regulatory benefits from…
FHFA: House Price Index Up 0.5 Percent in October 2017
U.S. house prices rose in October, up 0.5 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The previously reported 0.3 percent increase in September was revised upward to 0.5 percent. The FHFA monthly HPI is calculated using home sales price information from mortgages…
FHFA: 2018 Scorecard Released for Fannie Mae, Freddie Mac and Common Securitization Solutions
The Federal Housing Finance Agency (FHFA) today released the 2018 Scorecard outlining specific conservatorship priorities for Fannie Mae, Freddie Mac (the Enterprises), and their joint venture, Common Securitization Solutions, LLC (CSS). These goals include: Maintain, in a safe and sound manner, credit availability and foreclosure prevention activities for new and refinanced mortgages to foster liquid,…