May 5, 2023 | Banks & Credit Unions, Federal Regulation, News
FDIC and OCC Take Aim at Certain Overdraft Practices Last month, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) warned financial institutions about overdraft practices that they consider unfair or deceptive, saying...
Apr 26, 2023 | Banks & Credit Unions, News
Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023 The four biggest U.S. lenders—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co.—wrote off a combined $3.4 billion in bad consumer loans during the...
Mar 27, 2023 | Banks & Credit Unions, News
Survey Finds Consumer Trust in Banks Remains High Despite Recent Collapses A recent Morning Consult survey found that Americans’ trust in banks has remained high, despite the collapse of Signature Bank, Silicon Valley Bank (SVB), and Silvergate Capital Corp. 7 in 10...
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...
