U.S. Consumer Spending Seems to Decline in August as Extended Unemployment Lapses
U.S. Consumer Spending Seems to Decline in August as Extended Unemployment Lapses American consumer spending was found to decline in August, likely due to the lapse of extended unemployment benefits to millions of Americans at the end of July. The data, released by...
Senators Gillibrand and Sanders Reintroduce Postal Banking Act
Senators Gillibrand and Sanders Reintroduce Postal Banking Act Last week, U.S. Senators Kirsten Gillibrand (D-N.Y.) and Bernie Sanders (D-Vt.) hosted a Facebook Live conversation where the two legislators announced their reintroduction of the Postal Banking Act,...
Survey Finds Most Americans Say They Can Now Manage Finances Without Physical Bank Branch
Survey Finds Most Americans Say They Can Now Manage Finances Without Physical Bank Branch A recent survey commissioned by Plaid found that, largely due to the COVID-19 pandemic, most Americans have smoothly transitioned to digital banking and are increasingly turning...
CFTC Report Warns Climate Change Poses Risk to Financial System
CFTC Report Warns Climate Change Poses Risk to Financial System A recent report from a task force for the Commodity Futures Trading Commission (CFTC) warned that climate change could seriously affect the U.S. financial system and urged regulators to move decisively...
Declines in Credit Unions’ Credit Card Debt Mirror Broader Trend
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...
California Legislature Passes Bills Requiring Debt Collectors to Obtain Licenses
California Legislature Passes Bills Requiring Debt Collectors to Obtain Licenses The California legislature has now passed a third piece of legislation related to the consumer financial services industry, SB 908, which establishes new licensure requirements for debt...
Data Firm Finds Online Loans Holding Up Better Than Expected
Data Firm Finds Online Loans Holding Up Better Than Expected In a newly-released report, the data firm dv01 found that the percentage of online loan borrowers who made their regularly scheduled loan payments continued to rise in August, despite the lingering and... Fed Survey Reports Widespread Uncertainty About U.S. Economic Future
Fed Survey Reports Widespread Uncertainty About U.S. Economic Future A recent Federal Reserve report, known as the Beige Book, found that while economic activity was on the rise in August 2020, there is widespread uncertainty about the economic future of the United...
