Browsing: Credit cards

Compliance and Risk

In a new blog post this week, the CFPB said it is “looking to use a long-dormant authority” under Dodd-Frank Act Section 1033, which relates to consumer access to financial records, “to help spur better credit card shopping and switching by proposing rules that give consumers more control of their financial data.”

Commercial Lending

As the industry prepares for the discontinuation of Libor, the CFPB today finalized changes to Regulation Z designed to facilitate the transition to alternate reference rates. The final rule amends open-end and closed-end provisions to provide examples of replacement indexes for Libor indexes that meet Reg Z standards.

Community Banking

Small business credit card customer satisfaction surged 12 points from last year (rising to 852 on a 1,000-point scale) as 32% of small business customers say they are financially better off than they were a year ago, according to a new survey by J.D. Power.

Economy

Consumer credit demand sharply rebounded in 2021, with most credit application rates rising and returning to 2019 levels, according to the Federal Reserve Bank of New York’s latest Credit Access Survey released today.

Newsbytes

Following the onset of the COVID-19 pandemic, credit card debt fell to $811 billion in the second quarter of 2020, before rising to $825 billion by the end of the year, the largest six-month decline on record, according to the biennial Credit CARD Act report released by the CFPB today.

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