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.
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.
Of payment cardholders who are familiar with contactless payments, three out of four prefer using a contactless credit or debit card to other payment options, including cash, chip cards, magnetic strip cards and mobile payment options like Apple Pay, according to a new survey from Entrust Datacard.
The Consumer Financial Protection Bureau announced 2021 changes in dollar thresholds for several Regulation Z provisions governed by the CARD Act, the Home Ownership and Equity Protection Act and the Dodd-Frank Act.
…and other answers to your compliance questions in the July/August 2020 ABA Regulatory Policy and Compliance Inbox.
Banks can benefit from fraud analytics models and machine learning—and can even deputize cardholders into proactively helping them understand where transactions are legitimate and to identify potentially fraudulent activity.