Banking industry executives are confident that their consumer loan portfolios are holding up, but nonbanks that lend to Americans with lower credit scores are starting to see cracks.The deterioration in credit is prompting investors to take a more cautious view of certain lenders and is already contributing to funding issues for at least one company. Upstart Holdings, a digital consumer lender, said last month that the marketplace where it sells consumer loans to investors was "funding constrai...
Banking industry executives are confident that their consumer loan portfolios are holding up, but nonbanks that lend to Americans with lower credit scores are starting to see cracks.The deterioration in credit is prompting investors to take a more cautious view of certain lenders and is already contributing to funding issues for at least one company. Upstart Holdings, a digital consumer lender, said last month that the marketplace where it sells consumer loans to investors was "funding constrai...
Financial institutions that use complex algorithms in their lending decisions are legally required to provide a specific explanation to consumers who are denied credit, the Consumer Financial Protection Bureau said Thursday.Creditors cannot simply skirt the requirements of the Equal Credit Opportunity Act by saying that artificial intelligence or machine learning technologies were used to evaluate credit applications, CFPB Director Rohit Chopra said in a written statement.โCompanies are not a...
Financial institutions that use complex algorithms in their lending decisions are legally required to provide a specific explanation to consumers who are denied credit, the Consumer Financial Protection Bureau said Thursday.Creditors cannot simply skirt the requirements of the Equal Credit Opportunity Act by saying that artificial intelligence or machine learning technologies were used to evaluate credit applications, CFPB Director Rohit Chopra said in a written statement.โCompanies are not a...
According to a recent survey from the Wall Street Journal, the percentage of economists who believe weโll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought thereโd be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months. And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if thereโs a recession? Hereโs a ...
According to a recent survey from the Wall Street Journal, the percentage of economists who believe weโll see a recession in the next 12 months is growing. When surveyed in July 2021, only 12% of economists consulted thought thereโd be a recession by now. But this July, when polled, 49% believe we will see a recession in the coming 12 months. And as more recession talk fills the air, one concern many people have is: should I delay my homeownership plans if thereโs a recession? Hereโs a ...
A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.
A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.
A recent chart from the Visual Capitalist illustrates how U.S. consumer debt is rapidly approaching a record-breaking $16 trillion.ย In addition, they point out that the rate of increase in consumer debt for Q4 2021 was also the highest seen since 2007.ย Stay safe and have a Happy Friday!!! โEconomists believe that todayโs housing debt [...]
The post U.S. Consumer Debt Approaches $16 Trillion appeared first on Real Estate Investing Today.
A recent chart from the Visual Capitalist illustrates how U.S. consumer debt is rapidly approaching a record-breaking $16 trillion.ย In addition, they point out that the rate of increase in consumer debt for Q4 2021 was also the highest seen since 2007.ย Stay safe and have a Happy Friday!!! โEconomists believe that todayโs housing debt [...]
The post U.S. Consumer Debt Approaches $16 Trillion appeared first on Real Estate Investing Today.
As inflation rises, the impact on Americans' day-to-day budgets has become a bigger and bigger concern. CNBC's Sharon Epperson joins 'Squawk Box' to report how the Consumer Financial Protection Bureau is monitoring consumers' borrowing habits.
As inflation rises, the impact on Americans' day-to-day budgets has become a bigger and bigger concern. CNBC's Sharon Epperson joins 'Squawk Box' to report how the Consumer Financial Protection Bureau is monitoring consumers' borrowing habits.
Variable-rate mortgages may fall a little, and it seems unlikely banks will charge to hold savingsThe governor of the Bank of England, Andrew Bailey, has paved the way for negative interest rates, saying officials are actively considering all options to prop up the economy.The Bankโs base rate stands at 0.1%, the lowest level on record, so it would not take much to take it into negative territory. The UK would not be the first country to have a negative rate at its central bank โ Japan and S...
Variable-rate mortgages may fall a little, and it seems unlikely banks will charge to hold savingsThe governor of the Bank of England, Andrew Bailey, has paved the way for negative interest rates, saying officials are actively considering all options to prop up the economy.The Bankโs base rate stands at 0.1%, the lowest level on record, so it would not take much to take it into negative territory. The UK would not be the first country to have a negative rate at its central bank โ Japan and S...
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