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.”
Payment behavior “changed sharply in 2020 with the COVID-19 pandemic,” the Federal Reserve said today in a new research brief.
The CFPB today issued a “Supervisory Highlights” report focusing on examiner observations of several financial products conducted between January and June of 2021.
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.
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.
Credit card monthly purchase volumes increased sharply in the second quarter compared to the first quarter of 2021, surpassing pre-pandemic numbers, according to the American Bankers Association’s latest Credit Card Market Monitor released today.
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.
While banks continued to remain in a posture of easing standards on commercial, mortgage and personal loan products, the easing trend slowed in the third quarter from the prior two quarters, according to the Federal Reserve’s senior loan officer opinion survey released today.
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.
Credit cards offered in conjunction with colleges, universities and affiliated organizations have continued to decline…