Jan 3 (Reuters) - U.S. bankruptcy filings surged by 18% in 2023 on the back of higher interest rates, tougher lending standards and the continued runoff of pandemic-era backstops, data published Wednesday showed, although insolvency case volumes remain well below the level seen before the outbreak of COVID-19.
The Clearing House Association and the Bank Policy Institute submitted recommendations to the Consumer Financial Protection Bureau (CFPB) on Friday in response to a proposed rule governing how banks, data aggregators and other third parties can share consumer financial data.
A new Illinois data privacy law specifically tailored to motor vehicle-secured financing transactions becomes effective on January 1, 2024, and is likely to lead to similar laws in other states. The law, Senate Bill 800, amends the Illinois Collateral Recovery Act and requires licensed repossession agencies to clear, erase, delete, or otherwise eliminate personal information collected or stored in a vehicle after repossession.
Total new-vehicle sales for December 2023, including retail and non-retail transactions, are projected to reach 1,396,700 units, a 13.2% increase from December 2022, according to a joint forecast from J.D. Power and GlobalData.
The national debt – which measures what the U.S. owes its creditors — hit $34 trillion as of Friday afternoon, according to new data published by the Treasury Department. By comparison, just four decades ago, the national debt hovered around $907 billion.
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