ABA yesterday issued a bank members-only staff analysis of the Defense Department’s final rule under the Military Lending Act tightening restrictions on lending to service members and their families.
The Defense Department today issued a final rule tightening restrictions on lending to service members. The rule expands the restrictions in the Military Lending Act — which principally targeted tax refund anticipation loans, payday loans and car title loans — to cover credit cards, lines of credit, installment loans and deposit advances offered to service members.
With nonbank online “marketplace lending” growing dramatically — originating $12 billion in new loans in 2014, mostly to consumers but also to businesses — the Treasury Department yesterday launched an inquiry into the sector.
Delinquencies in closed-end loans and bank cards edged down in the first quarter, driven by large declines in home loan-related delinquencies, according to the ABA Consumer Credit Delinquency Bulletin that was released today.
The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
Four in 10 U.S. households surveyed last fall said they were somewhat or much better off financially than they had been five years prior, according to the Federal Reserve’s 2014 Survey of Household Economics and Decisionmaking released today. Just over a quarter said they were worse off than in 2009.
Credit standards continued to ease in most commercial and consumer loan categories, according to the Federal Reserve’s latest senior loan officer survey released today.
The Federal Reserve Bank of New York today launched Community Credit, an interactive portal allowing users to learn more about credit conditions at the national, state and county levels.
Delinquencies in closed-end loans and bank cards rose slightly in last year’s fourth quarter but remain near record lows, according to the ABA Consumer Credit Delinquency Bulletin that was released today.