The OCC’s Community Developments Investments newsletter published today focuses on how banks can provide sustainable loan modifications and help reduce foreclosures. For example, the newsletter looks at how banks are engaging with the Treasury Department’s Hardest Hit Fund in California, Florida, Kentucky and North Carolina. It also reviews foreclosure prevention activities under the Community Reinvestment Act.
Consumer credit increased at a seasonally adjusted annual rate of 4.5% in October. Total outstanding credit increased to $5.113 trillion during the month. Revolving credit, largely a reflection of credit card debt, increased at an annual rate of...
The U.S. banking system remains resilient but there are pockets of potential vulnerability that need continued monitoring, such as in the areas of commercial real estate, third-party relationships and cybersecurity, the Financial Stability Oversight Council said.
U.S. consumers plan to spend an average of $677 on holiday gifts this holiday season, up 3.4% from $654 last year.
The University of Michigan Consumer Sentiment Index increased 3.4% in December compared to the month prior, landing at 74, according to preliminary results for the month.
The U.S. economy added 227,000 nonfarm jobs in November. The unemployment rate was little change at 4.2%.
More than half of U.S. small businesses are financially unhealthy, with a majority of those companies carrying revolving debt on their debit cards, according to a survey by J.D. Power.
