CFPB Seeks Feedback on Rulemaking Processes

Consumer credit increased at a seasonally adjusted annual rate of 2.6% in the second quarter, with revolving and nonrevolving credit increasing 3.9% and 2.1%.

Consumer inflation expectations in July decreased slightly at the short-term horizon and remained unchanged at the medium- and longer-term horizons, the Federal Reserve Bank of New York said in its most recent Survey of Consumer Expectations.

The Senate confirmed John Crews as a member of the National Credit Union Administration board as part of a block of nominations up for consideration. In his new position, Crews will likely lead the agency.

ABA recommended targeted reforms to the TILA-RESPA Integrated Disclosure framework to reduce unnecessary compliance burdens, improve disclosure accuracy, streamline mortgage closings, and preserve strong consumer protections.

The U.S. and Japan launched a joint intervention to boost the yen after the currency fell to a 40-year low against the dollar, reflecting concerns about Japanese inflation and broader financial market stability.

Despite the unemployment rate remaining relatively low, a moderation in labor market conditions could lead to a broader cooling in consumer credit performance.