4 Reasons Excessive Overdraft Fees Just Won't Go Away Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks--to the tune of about $31 billion a year. The CFPB thinks … Continue reading
U.S. Amasses Big Data on 10 Million People, Banks Protest The CFPB is working towards monitoring how millions of Americans use credit cards, take out mortgages, and overdraw their checking accounts, but bankers aren't happy about it. The CFPB wants access … Continue reading
New data from the Federal Reserve shows that consumer credit rose for the sixth consecutive month in January, fueled almost entirely by auto and student loans. The $16.2 billion increase, which equates to an annual rate of 7 percent, is … Continue reading
The default rate on bank credit cards dropped to its lowest level of the post-recession era in December. According to the S&P/Experian Consumer Credit Default Indices, the default rate on bank credit cards declined to 3.53 percent, down from 3.58 percent … Continue reading
Outstanding consumer credit increased by $16.1 billion in November, the second straight month of significant gains, according to the latest Consumer Credit Report from the Federal Reserve. This also represented the fourth straight month of increases in consumer credit. Consumer credit increased … Continue reading
Consumer added more debt again in October according to the latest monthly report from the Federal Reserve. Consumer credit rose by a seasonally adjusted $14.2 billion, a larger increase than economists had predicted. This is the third straight monthly increase. An … Continue reading
The latest Flow of Funds Report from the Federal Reserve points to several positive economic trends. Household net worth rose by $1.7 trillion to $64.77 trillion. This was a 2.7 percent increase and was mainly due to higher home prices. … Continue reading
Consumer Credit Growth Cools, Credit Card Use Sags In September, growth in consumer credit cooled as households appeared to use their credit cards less frequently. According to Federal Reserve data released this week, consumer credit grew $11.36 billion in September, lower … Continue reading
Household debt rose at a seasonally-adjusted annual rate of 1¼ percent in the second quarter, according to the Federal Reserve Flow of Funds Report released Thursday. This was the largest increase since the first quarter of 2008 but only the second … Continue reading
Consumers cut back on their use of credit cards in June. The latest report on Consumer Credit released yesterday by the Federal Reserve shows that revolving credit, made up mostly of credit card debt, fell $3.7 billion to $864.6 billion in June. … Continue reading