The Consumer Financial Protection Bureau (CFPB) this week released a statement and frequently asked questions (FAQs) document outlining the responsibility of credit card issuers and open-end non-home secured creditors during the pandemic. The statement outlines billing error responsibilities under Regulation … Continue reading →
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Before the last U.S. economic crisis, banks were well positioned to anticipate an imminent spike in consumer loan defaults. The mortgage market’s implosion materialized gradually in 2007 and 2008, giving lenders time to prepare for the fallout by tightening lending … Continue reading →
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The auto industry was already facing financial headwinds. But new challenges courtesy of the coronavirus may take auto manufacturers and suppliers years to overcome, says a new outlook detailed Thursday by Alix Partners LLP, an industry consultant. “We were already on … Continue reading →
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Tim Boyle/Getty Images Consumers are using more debit cards compared to the other high-end option of credit as a result of the coronavirus pandemic, Visa has found. Visa’s US credit-card volumes fell sharply in May year-on-year, while debit-card usage grew … Continue reading →
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Saul Loeb/CNP/ZUMA For indispensable reporting on the coronavirus crisis and more, subscribe to Mother Jones’ newsletters. House Democrats’ second emergency relief bill offers a welcome soft landing for the millions of Americans struggling to pay their bills in the face … Continue reading →
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Corporate debt is another ticking time bomb for the U.S. economy. Nearly 100 major corporations have filed for bankruptcy. More companies are under significant financial pressure as debt soars to over $500 billion. Expect more bankruptcies in the coming months … Continue reading →
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Wednesday, June 3, 2020 Wow, another big day for the TCPAWorld in the Ninth Circuit, as the appellate court, on top of the confirmation of the broad ATDS definition in Marks, held that the caller must have the consent of the … Continue reading →
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Protests in Washington, D.C. on May 30, 2020. Source: Shutterstock. Credit union leaders said they are committed to becoming part of the change in order to heal the nation torn apart by days of riots sparked by the death of … Continue reading →
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By Pete Schroeder WASHINGTON, May 20 (Reuters) – The U.S. regulator charged with overseeing housing giants Fannie Mae and Freddie Mac unveiled Thursday a proposed rewrite of rules boosting how much capital the pair must hold to weather a downturn. … Continue reading →
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The number of interest-free credit card deals has fallen to a record low for the second successive month, as banks continue to slash the availability of unsecured debt during the economic crisis caused by the coronavirus. Lenders are unlikely to … Continue reading →
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