Consumer credit increased at a seasonally adjusted annual rate of 0.1% in August, the Federal Reserve reported. Nonrevolving debt — the category that includes auto loans and student loans — increased at an annual rate of 2%, while revolving debt, which includes credit cards, decreased at an annual rate of 5.5%.
A proposed bill would ban the sale and manufacturing of machines that help scammers disguise their phone calls and texts.
For banks, although price pressures remain, a strong services sector and a stable labor market should continue to support credit performance and consumer spending.
A Federal Reserve push to “modernize” the mutual bank regulatory framework would make that framework more flexible and better suited to the distinctive structure and capital needs of mutual institutions, ABA said.
FinCEN is withdrawing two proposed rules that would have created new recordkeeping requirements for financial institutions for certain transactions involving convertible virtual currencies.
The Federal Reserve has extended the comment period by a month for proposed changes to its regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.
As mortgage rates rise, the “lock-in effect” is likely to intensify as more homeowners are discouraged from moving or buying another home, contributing to weaker existing home sales
