Consumers continued to manage their credit well despite economic headwinds in the second quarter of 2022, according to the latest ABA Credit Card Market Monitor released today.
Compared to the experience of the 2008–09 Great Recession and ensuing recovery, the COVID-19 pandemic-induced recession, along with federal and state responses, resulted in unexpected consumer behavior.
Many U.S. shoppers will rely primarily on debit cards to purchase gifts for friends and family this holiday season, according to a new survey by TD Bank.
Consumer credit demand declined in 2022 with most credit application rates stable or weakening, but a notable exception was a rise in credit card applications, according to the Federal Reserve Bank of New York’s latest Survey of Consumer Expectations Credit Access Survey, released today.
Responding to a misleading statement about credit card and overdraft fees from President Joe Biden’s official Twitter account, the American Bankers Association today noted that the CFPB sets the allowable amount for credit card late fees, and like fees for overdraft protection, they are highly regulated and fully disclosed to consumers by law.
The CFPB issued a “Supervisory Highlights” report focusing on recent examiner observations of several financial products.
The Federal Reserve recently published new research that examines the main sources of credit card profitability based on FR-Y-14M data from January 2014 to December 2021.
Credit cards offered in conjunction with colleges, universities and affiliated organizations have continued to decline since the CARD Act was passed in 2009, the CFPB said in a report today.
A new legislative proposal giving merchants broad say over which credit card routing networks could drive up the cost of financial services, eliminate popular credit card rewards programs and introduce new security risks, Mississippi Bankers Association President and CEO Gordon Fellows wrote in a new op-ed last week
A proposal to add new credit card routing mandates and a related study to a major defense spending bill has no place in the legislation and would harm military families, ABA and nine financial industry trade groups said in a letter to congressional leaders today.