The Dodd-Frank Act has resulted in a 14.5 percent reduction in the revolving credit available to consumers in the form of credit cards and other credit renewed as loans are paid off, according to an analysis released today by the American Action Forum.
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U.S. millennials are lacking in their understanding of financial concepts, with only 24 percent demonstrating basic financial knowledge, according to a recent study by PwC on young adults’ financial capability.
Credit cards offered in conjunction with colleges, universities and affiliated organizations have continued to decline since the CARD Act was enacted in 2009, the Consumer Financial Protection Bureau said in a report today.
Voters are twice as likely to say that retailers, not financial institutions, are responsible for protecting customers’ payment data.
Credit risk for both retail and commercial loan products has increased over the past three years as and is expected to continue rising in 2016, according to the OCC’s annual Survey of Credit Underwriting Practices.
The chip is key to the security of new EMV cards, ABA SVP Jess Sharp said in an American Banker op-ed yesterday rebutting claims that chips should always be paired with PINs instead of signatures for verification.
Credit availability has increased by 10 percent and total cost of credit has decreased by 2 percent since the implementation of the CARD Act, the CFPB reported today.
According to documents filed today, Target has agreed to pay approximately $39.4 million to settle claims by card issuers over its 2013 data breach.
New credit card accounts rose 16 percent year-on-year in the second quarter to total 318 million, according to the latest edition of ABA’s Credit Card Market Monitor released today.
To help consumers make the most of new chip cards during the holiday shopping season and understand their security benefits, ABA has launched a new education campaign.