Small business credit card customer satisfaction declined nine points from last year (falling to 840 on a 1,000-point scale) as 91% said their business has been affected by the pandemic, according to a new survey by J.D. Power.
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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 consumer spending and credit card purchases plummeted in the second quarter, the share of U.S. cardholders that paid their credit card balance in full reached record levels, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
. . . and other questions from the ABA Regulatory Policy and Compliance Inbox for November/December 2020.
The credit card market is functioning well, and consumers feel their bank is there for them during the COVID-19 pandemic, ABA said in a letter to the CFPB today.
Consumers paid down $60 billion in credit card debt in the first quarter of 2020, the largest first quarter paydown on record, according to a new report from WalletHub released today.
Around 6% of outstanding first-lien mortgages in June 2020 were reporting zero payment due based on credit bureau data, up from essentially none in February—thus indicating some kind of coronavirus-related payment relief, the Consumer Financial Protection Bureau said in a report today.
The Consumer Financial Protection Bureau is beginning its biennial review of the consumer credit card market, as mandated by the Credit CARD Act. The next report is due in 2021.
Gains in satisfaction from before the coronavirus pandemic boosted overall consumer satisfaction with credit card issuers in 2020, according to the J.D. Power 2020 Credit Card Satisfaction Study released today.
As the coronavirus outbreak spread in the U.S. in the first quarter, credit card purchase volume and debt outstanding declined, according to ABA’s latest Credit Card Market Monitor released today.