Category: Credit

March 10, 2023

In January, Q2 released the 2023 State of Commercial Banking Report, which analyzed data from Q2’s PrecisionLender proprietary database that includes commercial relationships from more than 150 banks and credit unions throughout the United States, along with other sources. Report […]

March 2, 2023

As more credit unions take steps to improve diversity, equity and inclusion, executives and other experts are debating how much progress has been truly made since the death of George Floyd in 2020. The culture war dominating the political news […]

February 8, 2023

The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged on credit card accounts are “reasonable […]

January 31, 2023

Over the past few years, numerous states have imposed interest rate caps on consumer credit. In recent blog posts, we discussed the efforts of both Michigan and New Mexico to impose a 36% annual interest rate cap. Last year, Congress […]

January 30, 2023

The company says the new funding facility will enable it to increase loan originations and grow its portfolio as it looks to accelerate its growth. It also plans to expand its product offerings to include retirement interest-only mortgages, term mortgages […]

January 12, 2023

San Antonio-based Frost Bank prides itself in its ability to offer its customers services they want, Blair McGrain, the bank’s chief marketing officer attests. That’s why the $52.9 billion-asset institution is bringing back a product it hasn’t offered since 2000: […]

January 4, 2023

The Consumer Financial Protection Bureau and New York’s attorney general sued subprime auto lender Credit Acceptance Corp. Wednesday for deceiving borrowers about the true cost of car loans, violating state usury laws and failing to disclose charges and terms to […]

December 29, 2022

Fears are simmering that inflation (and aggressive interest rate hikes to fight it) could push the economy into recession in 2023. Historically, the combination has indeed caused economic turbulence. The Federal Reserve this year lifted rates multiple times. Collectively, they […]

December 27, 2022

Rocket Mortgage, part of Rocket Companies (NYSE: RKT), today introduced Purchase Plus, a special purpose credit program intended to increase accessibility to homeownership in underserved communities. The new initiative offers up to $7,500 in credits for first-time homebuyers to use […]

December 14, 2022

U.S. credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with lenders cutting back on originations as a potential recession looms. Serious card delinquencies are expected to climb to 2.6% at […]

December 8, 2022

In 2021 and 2022, the nation’s financial regulators began sharing their future expectations for banks related to the growing concern of climate risk. Their particular emphasis is focused on the impact of climate change on an institution’s credit risk. While […]

December 7, 2022

The mandate that credit furnishers, like banks, provide accurate account data to credit reporting agencies can be overwhelming. This information is disclosed in files that follow the standard electronic data reporting format called Metro 2®. To manage this tremendous task, […]

November 18, 2022

On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees […]

November 3, 2022

Regional banks are preparing for a looming economic downturn, but they don’t seem too concerned that their balance sheets will take a major hit. At an industry conference Thursday, executives at PNC Financial Services Group, Regions Financial and M&T Bank […]

October 6, 2022

After announcing their cashback METAL Credit Card in June, U.S. Eagle released their newest card today: The brand-new U.S. Eagle CashBack Debit Card. Members receive cashback each time they use the new debit card. That is unlimited cashback, credited directly […]

October 4, 2022

The California Financing Law requires each licensed lender, broker, and program administrator licensee to pay its pro rata share of all costs and expenses of the administration of the law, as estimated by the Commissioner, for the ensuing year and […]

September 22, 2022

U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 6.25 percent from 5.50 percent, effective tomorrow, September 22, 2022, at all U.S. Bank locations. About U.S. Bancorp: U.S. Bancorp, with approximately 70,000 employees and $591 billion […]

September 20, 2022

Like its Senate companion, the House bill seeks more card network competition as merchants fight for lower interchange — or “swipe” — fees. Those fees, typically around 2%, are what merchants pay to route transactions through the card giants’ networks. […]

September 9, 2022

The National Credit Union Administration continues to distribute recovered funds to credit unions across the country, but some in North Dakota believe they are being disregarded and deprived of more than $10 million. The NCUA Aug. 29 said it will […]

August 31, 2022

Bank of America and BMO Harris are leaning into real estate aid with programs designed to close the racial property ownership gap. Bank of America launched two programs Tuesday — one to aid small-business owners and another aimed at future […]