With the London Interbank Offered Rate relied on by many banks not guaranteed to be available after 2021, ABA and the Consumer Bankers Association today welcomed the Consumer Financial Protection Bureau’s proposed changes to Regulation Z designed to facilitate the transition away from Libor.
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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.
In a long-awaited move, the OCC today issued a proposal establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
The Consumer Financial Protection Bureau today released a study of the effects of so-called credit-builder loans on credit scores.
As part of the planned transition away from the London Interbank Offered Rate—which is not guaranteed to be available after 2021—the Consumer Financial Protection Bureau today proposed a rule addressing the rate transition and Regulation Z.
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.
More than three out of four respondents said the economic impact payments included in the CARES Act would either temporarily or significantly support them financially for the next one to two months. Over half have used their EIP funds to purchase necessities, pay down debt or pay rent or a mortgage.