Consumer credit increased at a seasonally adjusted annual rate of 3.2% in the third quarter of 2024, the Federal Reserve reported today. In September, consumer credit increased at an annual rate of 1.4 percent. Nonrevolving debt — the category that includes auto loans and student loans—increased at an annual rate of 3.4% in Q3, while revolving debt, which includes credit cards, increased at an annual rate of 2.8%.
HUD eliminated several of the core policies adopted by the Property Appraisal and Valuation Equity task force, an interagency group of 13 federal agencies formed during the Biden administration to address alleged discrimination in the appraisal process.
ABA will donate $10,000 to Texas Bankers Foundation to assist with immediate disaster response and recovery following the recent catastrophic flooding in Central Texas.
The rate for a 30-year fixed-rate mortgage was 6.72% this week. The rate for a 15-year fixed-rate mortgage was 5.86%.
The Federal Reserve requested comment on a proposal to revise its supervisory rating framework for large bank holding companies to address the "well managed" status of the firms.
The Senate voted to confirm Jonathan Gould as comptroller of the currency. He succeeds Rodney Hood, who is acting comptroller.
FinCEN has extended by more than a month the effective dates for orders involving three Mexico-based financial institutions with alleged ties to fentanyl trafficking, according to an agency statement.
