Total household debt balances rose by $85 billion in the first quarter, a 0.6% increase that brought the total level to $14.64 trillion. One surprise came from a substantial decline in credit card balances. That level fell by $49 billion … Continue reading →
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Consumers are continuing the pandemic-fueled habit of paying off credit card balances, a practice that now has bankers more than a little worried, The Wall Street Journal reported Tuesday (May 11). Some of the biggest banks in the U.S. are stepping up … Continue reading →
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The Community Reinvestment Act was born in Chicago. “The federal CRA was inspired by a response to redlining and the systematic refusal of financial services to Black residents [in Chicago],” says Illinois State Senator Jacqueline Collins, who recently spearheaded the … Continue reading →
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The University of Bristol is planning to use third-party debt collectors to recover unpaid rent from students. The university says STA International will be used from May 17, which will be the first time a UK university has used a … Continue reading →
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© Provided by Business Insider President Joe Biden. White House/Lawrence Jackson Education Secretary Miguel Cardona isn’t ruling out extending the student loan payment pause. Some Democrats argue the payment freeze isn’t enough, and full debt cancelation is needed. Cardona said … Continue reading →
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The number of large corporate bankruptcies dropped by almost half in April from a year earlier, while the amount of tradable distressed debt fell to the lowest since the pandemic began. There were 10 bankruptcy filings from companies with at … Continue reading →
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Recently, the California Department of Financial Protection and Innovation (DFPI) issued a notice of proposed rulemaking (NPRM) to adopt new requirements for debt collectors seeking to obtain a license to operate in the state. As previously covered by InfoBytes last September, California enacted the “Debt Collection … Continue reading →
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By Kersten Holzhueter The Consumer Financial Protection Bureau recently considered eliminating strict liability for one category of claims under the Fair Debt Collection Practices Act: claims asserting that a debt collector brought or threatened to bring legal action to collect … Continue reading →
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The federal regulator who oversees Fannie Mae and Freddie Mac has issued a final rule requiring the mortgage giants to develop “credible” resolution plans if they exit from government control. According to the Federal Housing Finance Agency (FHFA), these resolution … Continue reading →
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Monthly LendingTree Report Finds Women’s Card Confidence Hit a Record High CHARLOTTE, N.C., May 5, 2021 /PRNewswire/ — Americans’ credit card confidence climbed for the second straight month in April, hitting its highest levels since October. As we saw in … Continue reading →
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