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U.S. revolving credit, 98% of which is credit card debt, decreased 1.09% in August, to $899.4 billion from $909.3 billion the previous month, according to a Federal Reserve G.19 report on consumer credit released Thursday. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, decreased at an annual rate of 5.75% in August, to $2.46 trillion, the report states.
The recent uptick in commercial-and-industrial lending is the result of disruption in the private credit sector, one economist argues. Bank analysts say the upheaval in private credit is one factor among many.
The president's son has seemingly cut ties with the digital asset fintech ALT5 Sigma, whose shares lost 90% of their value after purchasing the tokens.
The Consumer Financial Protection Bureau finalized a new version of a small-business lending rule that took 17 years to get over the finish line. Banks are still lobbying for the rule to be repealed.
New York extracted $5 million and a broker registration from Uphold over its promotion of CredEarn, a yield product whose issuer collapsed in 2020.
A federal judge harshly criticized the settlement of a civil suit between the Department of Justice and a Texas land developer.
The San Antonio-based bank reported annual declines in net charge-offs and nonaccrual loans, extending a run of solid credit-quality trends at Texas-based regional banks.
