July 18 — Traditional means of obtaining credit can often be slow, awkward and expose consumers to risk as they disclose sensitive information in public spaces. Experian® today unveiled Text for Credit, an industry-first technology that transforms the way consumers secure credit.
July 17 – The Consumer Financial Protection Bureau has issued a new rule banning arbitration clauses, and it’s drawing the ire of the two major banking trade groups. The arbitration clauses in the contracts for these products prevent consumers from joining together to sue their bank or financial company for alleged wrongdoing. (more…)
July 14 – The Federal Reserve Bank of New York today released results from its June 2017 Survey of Consumer Expectations (SCE) Credit Access Survey. Regarding consumer experiences, the release shows an increase in application rates for credit over the past 12 months. The share of “discouraged” credit applicants reached a new series low, but a larger share of applications were rejected compared to the previous survey fielded in February.
July 13 – Performance of first-lien mortgages improved during the first quarter of 2017 compared with a year earlier, according to the Office of the Comptroller of the Currency’s quarterly report on mortgages. (more…)
July 12 — Visa announced it is launching a major effort to encourage businesses to go cashless. Aiming to create a culture where cash is no longer king, the program will give merchants increased ability to accept all forms of global digital payments. Visa will be encouraging and helping merchants go cashless by using innovation to their advantage in order to stay competitively connected to their customers.
July 10 – State banking regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats. The best practices were developed by the Bankers Electronic Crimes Task Force, which includes bank CEOs and executive officers from banks across the U.S. In the industry best practices, the bankers identified four cyber threats that warrant continued attention by banks.
July 7 – Consumer loan delinquencies rose in the first quarter, driven by an uptick in late payments on auto loans, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. Overall, delinquencies rose in seven of the 11 individual consumer loan categories tracked by ABA. (more…)
July 7 – Significant operational risks – particularly those related to BSA/AML and cybersecurity — were cited by the Office of the Comptroller of the Currency in its Semiannual Risk Perspective for Spring 2017. Meanwhile, credit risk concerns arising from auto lending issues cited in previous reports were downgraded, having been appropriately mitigated, according to remarks by Deputy Comptroller for Supervision Risk Management Darrin Benhart. (more…)