Outstanding household debt increased by 0.9% in the first quarter of 2019, rising by $124 billion to land at $13.67 trillion, the Federal Reserve Bank of New York reported today.
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After Rep. Alexandria Ocasio-Cortez (D-N.Y.) and Sen. Bernie Sanders (I-Vt.) today unveiled a bill that—among other things—would cap consumer loan annual percentage rates at 15% nationwide, the American Bankers Association forcefully pushed back with quotes in several media reports.
A small net percentage of banks reported easing standards and terms for loans to large and midsize firms in the previous quarter, while on net no banks eased standards for small businesses, according to the Federal Reserve’s latest senior loan officer opinion survey released today.
Read more from ABA Chief Economist James Chessen.
The good news is that both borrowers and lenders continue to exercise discipline and consumers are still in very strong financial shape.
ABA yesterday urged the Consumer Financial Protection Bureau to use its authority to update outdated disclosure rules to meet the needs of consumers and facilitate seamless digital payment experiences.
Credit card use picked up in the fourth quarter of 2018, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
U.S. fast food chain Wendy’s last week announced a $50 million settlement with financial institutions that suffered losses during a data breach that ran from October 2015 through June 2016.
Modest net percentages of banks tightened terms and standards for business loans in the previous quarter, with standards for the most part remaining unchanged, according to the Federal Reserve’s latest senior loan officer opinion survey released today.