Consumer credit increased at a seasonally adjusted annual rate of 2.4% in March, the Federal Reserve reported. Nonrevolving debt — the category that includes auto loans and student loans — increased at an annual rate of 2.7%, while revolving debt, which includes credit cards, increased at an annual rate of 1.7%.
Anticipating the Fed’s five-year review of its framework this summer.
ABA and 52 state bankers associations yesterday urged lawmakers to use upcoming market structure legislation to close several legal loopholes created by the recently enacted GENIUS Act.
The Labor Department rescinded a 2021 supplemental statement that discouraged fiduciaries from considering alternative assets in 401(k) retirement plan investment menus.
ABA said it supports proposed revisions to the Call Report that ease a compliance burden on banks resulting from a prior change in accounting standards.
The Consumer Price Index rose 0.2% in July after rising 0.3% the previous month, and increased 2.7% over the past year, the Labor Department said.
The NFIB Small Business Optimism Index rose 1.7 points in July to 100.3, slightly above the 52-year average of 98.
