The COVID-19 pandemic had a significant effect on credit markets throughout 2020, with credit application and acceptance rates falling after February, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today.
Loan demand and standards for lending began to stabilize in the third quarter after demand weakened and standards tightened during the economic freefall of the second quarter.
As the U.S. economy dove deeper into recession amid the coronavirus pandemic in the second quarter, more than half of banks reported weaker demand for commercial and industrial loans, according to the Federal Reserve’s latest survey of senior loan officers released yesterday.
A new bill introduced in the California state legislature could limit the ability of lenders to offer flexibility to consumers who are experiencing financial hardships due to the COVID-19 pandemic, ABA and six other housing and finance groups warned in a letter this weekend.
Outstanding household debt increased by 1.1% in the first quarter of 2020, rising by $155 billion to land at $14.3 trillion, the Federal Reserve Bank of New York reported today.
Demand for commercial and industrial loans was mixed in the first quarter, as the COVID-19 outbreak was beginning to strike the U.S. economy, according to the Federal Reserve’s latest survey of senior loan officers today.
Credit applications—as measured by the number of credit inquiries—fell significantly in March during the early days of the coronavirus pandemic in the U.S., according to a new report issued by the Consumer Financial Protection Bureau today.
The Defense Department today said it is withdrawing a provision in its interpretive rule to the Military Lending Act regulations related to vehicle loans that finance Guaranteed Auto Protection and insurance credit.
Bankers left commercial and industrial lending standards mostly unchanged amid weakening demand in the fourth quarter of 2019, according to the Federal Reserve’s senior loan officer survey released today.
Individuals who have applied for credit reported higher approval rates in 2019 than in 2018, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today.