Also: New CFPB report details consumer credit trends amid COVID-19; Fed districts indicate moderate economic rebound
NAFCU TODAY | The News You Need Daily.
September 3, 2020
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PPP report flags potential fraud, abuse [ [link removed] ]
Following Tuesday's hearing with Treasury Secretary Steven Mnuchin, the House Select Subcommittee on the Coronavirus Pandemic released a preliminary analysis of the paycheck protection program (PPP), which found that "billions of dollars in PPP loans may have been diverted to fraud, waste, and abuse."
CFPB report details early coronavirus impact on consumer credit [ [link removed] ]
The CFPB Monday released a report examining the early effects of the coronavirus pandemic on consumer credit. The report, which focused on mortgage, student and auto loans, and credit card accounts, found that consumers had not experienced significant increases in delinquency or other negative credit outcomes at the onset of the pandemic.
Beige Book shows modest rebound in overall economic activity [ [link removed] ]
The Federal Reserve's Beige Book released Wednesday detailed a modest rebound in economic activity in most districts; however, activity remained well below pre-coronavirus pandemic levels. Consumer spending continued to pick up, sparked by strong vehicle sales and some improvements in tourism and retail sectors but a slowing pace of growth was noted in many districts.
CFPB offers resources to help consumers access EIPs [ [link removed] ]
The CFPB is working with the IRS to reach as many of the several million people who have not yet received an economic impact payment (EIP) and has developed a guide to assist intermediaries in helping consumers access EIPs. In addition, to ensure the guide is as accessible and clear as possible, the bureau has posted a new blog post and is offering two webinars on this topic.
Vehicle sales continue recovery, NAFCU expects gains to slow [ [link removed] ]
Total vehicle sales continued to recover in August, rising from July's 14.6 million annualized units to 15.2 million during the month. NAFCU Chief Economist and Vice President of Research Curt Long noted that while this represents a four-month rise since bottoming out, sales remain 11 percent below prior-year levels.
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