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U.S. revolving credit, 98% of which is credit card debt, rose in July to $969.9 billion, according to a Federal Reserve G.19 report released yesterday. The month's revolving credit was up 0.4% from $966 billion in June. Total seasonally adjusted consumer credit outstanding, which includes revolving and nonrevolving credit, rose at an annual rate of 2.1% in July, to $2.59 trillion, the report says.
Life insurers' borrowings from the Federal Home Loan banks has increased in recent years, raising concerns about opaque, private credit investments and how it intersects with the Federal Home Loan banks' housing mission.
As gas prices surge, small businesses — particularly in agriculture and transportation — have struggled to keep up. For banks, this has brought a combination of short-term benefits and long-term concerns.
The neobank reported a 25% year-over-year increase in revenue for the quarter ended March 31, with active users jumping 19% to 10.2 million. The company also raised its full-year 2026 guidance and authorized a $200 million share repurchase program.
The newly opened bank founded by big tech executives reached the deposit milestone within its first quarter of operations, according to a recent call report.
Banks are mixed in their adoption of buy now/pay later and installment lending, according to American Banker research. Those that offer or are planning to offer it say that the primary motivating factor is to stay competitive.
Citi payments exec Driss Temsamani said there's more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
