The Federal Reserve released data today showing that consumer credit use grew by more than 4% in August to the tune of $13.1 billion. This was more than one percentage point below the previous month’s data and more than two percentage points below average 2016 levels....
On October 5th, the Senate confirmed Randal Quarles as the next Vice Chairman of the Federal Reserve. Quarles previously served as an Assistant Secretary at the Department of the Treasury under President George W. Bush. He will take the position of Vice Chair of...
Earlier today the Consumer Financial Protection Bureau (CFPB) announced its long-awaited rule on “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” The new rule, informally referred to as the Small Dollar Rule, is expected to take effect 21 months from...
Rep. Carolyn Maloney (D- N) lamented this week that her proposed bill to reform bank overdraft fees will likely stall in the House as partisan politics continue to hamper Congress. In light of Congressional inaction, Rep. Maloney is encouraging the Consumer Financial...
Projections based on recent and historical credit card trends by WalletHub, a credit monitoring service, found that Americans added $33 billion in credit card debt over the second quarter of 2017. By the end of the year, WalletHub projects an additional $60 billion in...
Speaking to a fintech conference at the Federal Reserve Bank of Philadelphia earlier this week, Acting Comptroller of the Currency Keith Norieka informed attendees that the Consumer Financial Protection Bureau’s (CFPB) recently published arbitration rule would...
