Driven by interest rates that, at least for the near future, the Fed hints will continue to rise, banks have reported the market value of issued loans are currently less than their balance sheet at the end of 2022. These declining loan values could put pressure on bank liquidity, leading to a further pullback of business lending that in February had already dipped to just below 15%, a 10-month low
(Bloomberg) -- Spending on credit and debit cards rose at the smallest pace in more than two years, dragged down by slower wages, fewer tax refunds and the end of pandemic-era benefits, according to a report by Bank of America Institute.
The Small Business Administration is ending a 40-year moratorium on admitting new nonbank lenders to its 7(a) loan program, a move that opens up the agency’s flagship lending vehicle to fintech participation.
On April 7, California Attorney General Rob Bonta and Assembly member Brian Maienschein announced new legislative bill AB 1366, which creates a state Treasury Victims of Consumer Fraud Restitution Fund (VCFRF) to benefit victims of consumer fraud.
The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new record in 2021 (496,000), only to have that record broken by a considerable margin in 2022 (800,394).
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