Four Biggest Lenders in U.S. Wrote Off $3.4B in Bad Consumer Loans in Q1 2023
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...
Yellen Warns of Tougher Lending Environment in Aftermath of Bank Failures
Yellen Warns of Tougher Lending Environment in Aftermath of Bank Failures Following the recent failures of Silicon Valley Bank and Signature Bank, U.S. Treasury secretary Janet Yellen warned that a tougher lending environment could affect the Federal Reserve’s...
CFPB Reveals Massive Data Breach
CFPB Reveals Massive Data Breach Last month, a former employee of the Consumer Financial Protection Bureau (CFPB) forwarded confidential information of over 250,000 consumers to a personal email account, an incident that the CFPB considered a “major” data breach. The...
Fed Survey: Consumers’ Access to Credit Was at Toughest Level in Nearly a Decade Last Month
Fed Survey: Consumers’ Access to Credit Was at Toughest Level in Nearly a Decade Last Month Earlier this month, the Federal Reserve Bank of New York’s Center for Microeconomic Data released the Survey of Consumer Expectations for March 2023. The survey found...
Senate Banking Committee Ranking Member Tim Scott Exploring Presidential Run
Senate Banking Committee Ranking Member Tim Scott Exploring Presidential Run Senator Tim Scott (R-S.C.) recently announced a presidential exploratory committee, which has been the clearest sign of his intentions to run for the Republican nomination in 2024. An...
More Than Half of Workforce Likely to Look for New Job Within the Next Year
More Than Half of Workforce Likely to Look for New Job Within the Next Year A new report from Bankrate found that 56 percent of U.S. adults who are employed or seeking a new job are likely going to look for a new job over the next year, which is up from 51 percent who...
Governments Around the World Exploring BNPL Regulation
Governments Around the World Exploring BNPL Regulation Governments around the world have started considering regulations to apply many existing credit laws to the buy now, pay later (BNPL) market. Since the BNPL market began, it has been mostly free from government... CFPB Releases Policy Statement on Abusive Acts or Practices
CFPB Releases Policy Statement on Abusive Acts or Practices Last week, the Consumer Financial Protection Bureau (CFPB) issued a policy statement reminding lenders of its prohibition against abusive acts and practices in the consumer financial market, which was created... 