This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health of their customers.” In a statement issued on Tuesday (April 2), the OCC said it believes the best way FIs...
Block has entered into the eighth amendment to its revolving credit agreement with its lenders and the administrative agent, Goldman Sachs Bank USA. This amends a revolving credit facility that dates back to May 1, 2020, the company said in a Monday (April 1) filing with the Securities and Exchange...
While the average American consumer remains “credit healthy,” some trouble spots are apparent. The latest installment of VantageScore’s Credit Gauge shows delinquencies climbing across all tiers of credit — and for a range of credit products, including mortgages, credit cards, personal loans and auto loans....
Consumers’ total outstanding credit leapt by $19.5 billion in January. Revolving credit accounted for $8.4 billion of the increase, while nonrevolving credit made up the other $11.1 billion, the Federal Reserve said Thursday (March 7) in its monthly report on consumer credit outstanding. “In January, consumer credit increased at...
Nova Credit has introduced its Nova Credit Platform, which is aimed at transforming how lenders manage and analyze consumer credit data. This new platform provides a means for easy integration, efficient management and insightful analysis of consumer credit data from alternative sources, adhering to consumer reporting agency...
A staggering $84 trillion is the amount of cash and assets that Generation X, millennials and Gen Z consumers are set to inherit from older generations over the next two decades. This “great wealth transfer,” as it’s been dubbed, not only signifies a significant economic...
The prices of goods and services will continue to weigh on U.S. consumers’ wallets in 2024. Most consumers still say they live paycheck to paycheck. Overall, 62% of consumers lived this way as of January 2024, down from 60% last year. This increase suggests the...
England’s financial watchdog is taking a long look at the way lenders financed car loans. And that investigation could have broader implications for the country’s banking sector, Bloomberg News said in a report Sunday (Feb. 25). The Financial Conduct Authority (FCA) is reviewing commissions on...
In what could be one of the largest acquisitions of the decade, Capital One recently announced it wants to purchase Discover Financial in a deal valued at more than $35 billion. If regulators approve the deal, it will bring together two of the largest U.S....