FDIC: Three Reports Analyzing Growth of Nonbank Lending Released
Decades-long shifts reported in corporate and mortgage loans between banks and nonbanks The Federal Deposit Insurance Corporation (FDIC) today released a multi-part analysis of changes in the U.S. banking system since the 1950s, especially changes occurring since the financial crisis in 2008. These analyses address the shift in some lending from banks to nonbanks; how…
ABA: Report Shows Credit Card Use Strong in Second Quarter 2019
Credit card use rebounded in the second quarter after easing in the first quarter of 2019, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Seasonally adjusted purchase volumes increased across risk tiers compared to the first three months of the year, reflecting robust consumer spending. Purchase volumes increased on an annual…
SBA: Public Input Sought on Potential Changes to SBA’s Export Loan Program
The U.S. Small Business Administration published an Advanced Notice of Proposed Rulemaking that seeks comments on potential changes to the regulations governing its Export Loan Programs. SBA’s Export Loan Programs provide access to capital for U.S. small business concerns to support expansion into international markets and the growth of U.S. small business exports. SBA is soliciting comments on…
CDFB: Private Education Loan Ombudsman Issues 2019 Annual Report
The Consumer Financial Protection Bureau (Bureau) Private Education Loan Ombudsman issued today the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints….
SBA: Small Business Lending Reflects Strong Economic Trends
SBA FY19 total loan volume reaches over $28 billion with more than 63,000 approved loans The U.S. Small Business Administration announced FY19 lending numbers showing that it guaranteed over $28 billion to entrepreneurs that otherwise would not have access to capital to start, grow, or expand their small businesses. “A strong economy is powering America’s 30…
ABA: Credit Card Delinquencies Fall as Other Consumer Delinquencies Rise Slightly
Consumer credit delinquencies were mixed in the second quarter, with delinquencies falling for bank cards (credit cards provided by banks) and rising for the composite index of closed-end loans, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in eight of the 11 categories tracked by ABA while three…
ABA: Arkansas Bankers, Former USDA Official Receive Top Ag Banking Awards
The American Bankers Association today announced the recipients of both the Bruning and Blanchfield Awards, the association’s premier awards presented for contributions to agricultural lending. This year, ABA will present the Bruning Award to a husband-and-wife team known for their dedication to agricultural banking: Gary Canada Sr., chairman and president of the Bank of England…
OCC: Mortgage Performance Slightly Improved in Second Quarter 2019
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the second quarter of 2019. The OCC Mortgage Metrics Report, Second Quarter 2019 showed 96.1 percent of mortgages included in the report were current and performing at the end of the quarter,…
FHFA: Agency Instructs Federal Home Loan Banks to Begin Transitioning Away from LIBOR
Today, FHFA sent a letter to the 11 Federal Home Loan Banks instructing them that, as of December 31, 2019, they should stop purchasing investments in assets tied to LIBOR with a contractual maturity beyond December 31, 2021. As of March 31, 2020, the Federal Home Loan Banks should no longer enter into all other LIBOR-based transactions involving advances, debt,…
FFIEC: 2018 HMDA Data on Mortgage Lending Available
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 5,683 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. Released today are loan-level HMDA data covering 2018 lending activity that were submitted on…