Sep 16, 2020 | Banks & Credit Unions, News
Declines in Credit Unions’ Credit Card Debt Mirror Broader Trend According to a new report from WalletHub, Americans have paid down more than $118 billion of credit card debt in 2020, eliminating all of the sector’s 2019 gains. Total credit card debt fell 7.6 percent...
Jul 31, 2020 | Banks & Credit Unions, Federal Regulation, News
Biden Proposes Public Credit Reporting Agency in Policy Plan In a recent plan outlining the presumptive Democratic presidential nominee’s housing policies, Joe Biden has proposed creating a public credit reporting agency within the Consumer Financial Protection...
Jul 22, 2020 | Banks & Credit Unions, News
Banks Urged to Make Small Dollar Loans, but Remain Reluctant In recent years, regulatory agencies under the Trump Administration have pressed credit unions and banks to offer more credit options for consumers, including small dollar loans. However, banks have remained...
Jul 17, 2020 | Banks & Credit Unions, News
Banks Stockpile Cash to Prepare for Wave of Coronavirus Loan Defaults Some of the largest U.S. banks, including JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo, are choosing to stow away billions of dollars to prepare for future defaults and other loan...
Jun 22, 2020 | Banks & Credit Unions, News
World Bank Predicts Worst Global Economic Downturn Since 1940s Earlier this month, the World Bank released an updated “Global Economic Prospects” report predicting, among other things, that millions of people around the world would shift into extreme poverty due to...
Jun 15, 2020 | Banks & Credit Unions, News
New York Fed Says Consumers Were More Optimistic About Economy in May According to the Federal Reserve Bank of New York’s Survey of Consumer Expectations for May 2020, Americans grew more optimistic about the state of the economy compared to April. However,...