Fed: Consumer credit increased 3.2% in Q1

ABA expressed its support for FCC Chairman Brendan Carr’s decision to schedule a May 20 vote on issuing a proposal that would impose stronger “know your upstream provider” requirements on voice service providers that allow calls to pass...

The House Financial Services Committee advanced two bills supported by ABA as part of a package of proposed legislation on topics ranging from fighting scams to AI. Both bills passed by unanimous vote.

The Senate voted 54-45 to confirm Kevin Warsh as the next chairman of the Federal Reserve. The Senate confirmed his appointment to the Fed board on Tuesday.

The Producer Price Index for final demand increased 1.4% in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported. On an unadjusted basis, the index for final demand rose 6% for the 12 months ending in April.

Roughly 6% of U.S. adults were unbanked last year, a figure that has held steady since 2021. The Fed survey also polled respondents on experience with scams, credit availability and cryptocurrency use.

California Gov. Gavin Newsom has appointed former Consumer Financial Protection Bureau Director Rohit Chopra to lead the state’s new business regulation and consumer protection agency, according to an announcement.