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U.S. Consumer Credit Grows in August at the Smallest Rate in Seven Months

“Revolving credit, like credit cards, rose at a 4% rate in August after a 7% increase  in the prior month. This is down from a 22% jump in July.  Non-revolving credit, typically auto and student loans, rose at a 4.1% rate for the second straight month. This category of credit is ordinarily much less volatile […]
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JPMorgan Credit Card Spending Ticks Up, Modestly Helping Loan Growth

“Spending by customers holding JPMorgan Chase & Co (JPM.N) credit cards is up 17% year to date over the same period in 2019, bank co-president Gordon Smith said on Thursday. The uptick in credit card spending should mean that loans begin to grow modestly by the end of the year, Smith said.”
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Big Banks Look for Post-pandemic Rebound of Credit Card Revenue

“Big U.S. banks are prepared for credit-card balances to start ticking up again this year as pandemic restrictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most profitable businesses. Lenders, including Capital One, Citigroup and JPMorgan, have been sending out more promotions to enroll new customers […]
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After Credit Cards, Which Debt Should You Pay?

“Stimulus money, mortgage forbearance and the pause in federal student loans have helped Americans pay down high-interest credit-card debt . Now, some are wondering what is the smartest debt to pay off next. Americans paid off $82.9 billion of credit-card debt in 2020, according to an analysis of TransUnion and Federal Reserve data by WalletHub.com, […]
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Credit Scores ‘May Lose Some Power’ After Covid, Fed Warns

“The Federal Reserve Bank of New York warned that credit scores — the all-powerful number that can determine if a consumer is able to qualify for a loan, rent a home or even buy car insurance — might have gotten less reliable during the coronavirus pandemic. Scores for homeowners who took advantage of payment relief […]

On The Wires

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CredEvolv Launches Platform To Bridge Gaps In Credit Equity

“Launching today, fin-tech platform CredEvolv revolutionizes the path to achieving and maintaining good credit, offering millions of consumers a path to financial stability. CredEvolv’s mission is to turn “no” in to “not yet” by breaking down the barriers to credit equity and guiding consumers seeking improved credit on a journey to sustainable, lifelong credit well-being.”
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CFPB Finds Credit Applications Have Mostly Recovered to Pre-Pandemic Levels | Consumer Financial Protection Bureau

“The Consumer Financial Protection Bureau (CFPB) today published an issue brief showing that consumer applications for auto loans, new mortgages and revolving credit cards had mostly returned to pre-pandemic levels by May 2021. Prime and near-prime consumers are driving this recovery as applications remain down from borrowers with subprime and deep subprime for all types […]
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Citi and AT&T Renew Long-Standing Credit Card Collaboration

“Citi and AT&T today announced a multi-year renewal to extend their consumer co-brand credit card portfolio in the U.S. The agreement will continue to provide innovative credit card products, such as the AT&T Access Card, to drive enhanced customer engagement and loyalty and explore additional consumer offerings.”
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Huntington Launches Standby Cash(SM) To Give Eligible Customers An Instant Line Of Credit For Unexpected Expenses

“Planning for the unexpected just got easier with Huntington’s (Nasdaq: HBAN ) first digital-only product, Standby Cash. True to its commitment to looking out for people, Huntington has launched Standby Cash, a line of credit giving eligible customers immediate access up to $1,000 with no interest or fees if customers sign up for automatic payments (otherwise, a […]
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Experian and Temenos Expand Integration to Help Clients Make Real-Time Credit Offers to Consumers

“To accelerate the automation decisioning process and provide a seamless way for lenders to extend credit, Experian and Temenos today announced the integration of PowerCurve® decisioning solutions into Temenos Infinity, the leading omnichannel digital banking product. Temenos Infinity covers digital engagement from acquisition to account servicing through to long-term retention, supporting multiple stages of growth. The […]