CFPB moves to enforce anti-discrimination protections throughout credit arrangements

The CFPB yesterday published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA) bars lenders from discriminating against customers after they have received a loan, not just during the application process.

Yellen to testify before SBC, HFSC as part of FSOC annual report to Congress

The Senate Banking, Housing, and Urban Affairs Committee today will hold a hearing on the Financial Stability Oversight Council’s (FSOC) annual report to Congress where Treasury Secretary Janet Yellen will serve as a witness. In addition, Yellen will testify on FSOC's annual report before the House Financial Services Committee on Thursday. NAFCU will monitor both hearings and keep credit unions updated via NAFCU Today.

Fed SLOOS survey reveals more stable lending standards during first quarter

The Federal Reserve’s April senior loan officer opinion survey (SLOOS) on bank lending practices examined changes in the standards and terms on demand for bank loans to businesses and households during the first quarter of 2022. According to the survey, banks reported that lending standards on commercial and industrial loans, which would generally be unsecured loans, were basically unchanged to firms of all sizes, after having eased standards consistently over the last year.

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March consumer credit growth shows largest gain since December 2010

Total consumer credit rose 14 percent, at a seasonally adjusted, annualized rate, in March and is up 7.5 percent compared to a year ago. Revolving credit - primarily credit cards - rose 35.3 percent this month and is up 13.6 percent compared to March 2021. Non-revolving credit – primarily auto loans and education loans – rose 7.4 percent this month and is up 5.7 percent from a year ago.