The Federal Reserve found “remarkable stability in the actual and expected uses of stimulus checks” across all rounds of Economic Impact Payments, with most funds going towards saving and debt payments.
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Despite the expansion of the monetary base, inflation forecasts remain conservative because there is still breathing room left for demand growth.
According to a Morning Consult survey on behalf of the ABA, the share of bank customers that primarily bank through mobile or online channels has increased 8 and 2 percentage points respectively since the beginning of the COVID-19 pandemic in the U.S.
More than three quarters (77%) of adult smartphone users in the U.S. use finance apps, according to a survey by Morning Consult. Of the group, 39% use them daily.
With Congress having just extended the PPP an additional two months, banks have already delivered more than 7 million loans worth more than $675 billion across all rounds, providing critical support to small business employers.
The Q2 2021 ABA Credit Conditions Report finds that near-term expectations for credit quality and availability have improved markedly for both consumers and businesses, building on the recovery that began last quarter.
Small businesses have demonstrated steady interest in the third round of the Paycheck Protection Program.
Health savings accounts saw robust asset growth in 2020, with $82.2 billion in assets held in 30.2 million accounts, according to a survey by consulting firm Devenir. Assets were up 25% from a year ago, while the number of HSAs grew by 6%
The banking sector experienced an unprecedented inflow of deposits in 2020 that continued through the fourth quarter that was fueled by federal stimulus programs such as economic impact payments, expanded unemployment benefits and PPP loans.
Out of nearly 1.7 million round 3 PPP loans, more than 1.3 million first and second draw loans have gone to small businesses with 10 or fewer employees: