Feb 24, 2023 | Banks & Credit Unions, News
NY Fed: U.S. Credit Card Balances Reach Nearly $1 Trillion The New York Fed’s Household Debt and Credit Report found that credit card balances rose to a record high of $986 billion in the fourth quarter of 2022 amid high prices and consistent consumer spending. Total...
Feb 15, 2023 | Banks & Credit Unions, News
Banks Tightening Credit Standards, According to Fed Survey The most recent quarterly senior loan officer opinion survey from the Federal Reserve found banks reporting both weaker demand and stricter standards for commercial and industrial real estate, consumer loans,...
Jan 27, 2023 | Banks & Credit Unions, Federal Regulation, News
Acting Comptroller Warns that “Too Big to Manage” Banks May be Broken Up At a recent event hosted by The Brookings Institution, Acting Comptroller of the Currency Michael Hsu warned that banks whose size is too large to address internal weaknesses and adhere to...
Jan 23, 2023 | Banks & Credit Unions, News
More Than a Quarter of Checking Account Holders Paying Fees Every Month A new Bankrate study found that 27 percent of U.S. adults, or 57 million people, currently pay monthly fees for their checking accounts, such as routine service charges, ATM fees, and overdraft...
Dec 30, 2022 | Banks & Credit Unions, FinTech, News
Survey: Most Americans Think Crypto and Fintech Companies Aren’t Held to Same Regulatory Standards as Banks A recent Consumer Bankers Association (CBA) survey found that nearly 90 percent of Americans are concerned that crypto and fintech companies are not held...
Nov 30, 2022 | Banks & Credit Unions, News
Wells Fargo Launches Small Dollar Loan, Offering Customers $250 or $500 for Flat Fee Wells Fargo recently launched a new financial product, called Flex Loan, which is marketed as a small dollar loan to help customers meet short-term cash needs. The loan is available...