For much of the short history of digital assets like bitcoin, their buyers have used them mostly as a store of value -- like gold. Their price volatility is one reason that they have not gained greater acceptance as a means of exchange, like a traditional currency. But there are signs that is about ... READ MORE >
Comptroller of the Currency puts the fair access rule on hold
The Office of the Comptroller of the Currency (OCC) has put a hold on its recently issued fair access rule, the agency announced. The rule, which would have barred banks from denying loans to businesses on political or ideological grounds, passed two weeks ago under acting Comptroller Brian Brooks, but ... READ MORE >
How regulatory oversight may change at five agencies under Biden
With President Biden’s cabinet taking shape, regulated entities in the financial services industry like banks, specialty lenders and capital markets firms are starting to get a better picture of what changes might be in store. For these firms, the question is no longer if regulations will change, but ... READ MORE >
With added benefits, lenders stand ready to roll out more fiscal aid
Congress’ approval of another round of fiscal aid is providing a ray of hope for borrowers and customers of financial institutions as they look to move on from a difficult year. The legislation provides needed relief for the small businesses most affected by the downturn and customers of financial ... READ MORE >
CHART OF THE DAY: Booming mortgage originations
After a slow first quarter, mortgage originations in the United States are surging as homeowners capitalize on historically low interest rates, with the totals approaching levels not seen since 2003. Mortgage originations totaled $962 billion and $928 billion in the second and third quarters, ... READ MORE >
CHART OF THE DAY: Airport traffic surges over Thanksgiving
Amid spiking coronavirus cases, airports had a surge in travelers over the Thanksgiving holiday weekend. The Transportation Security Administration reported that more than 1 million passengers were processed through its checkpoints on the busy travel days of Wednesday and Sunday. This represents the ... READ MORE >
CHART OF THE DAY: Household debt increases as consumers resume borrowing
Consumers resumed borrowing after a pullback in the second quarter during the onset of the pandemic, according to the New York Federal Reserve’s third-quarter report on household debt and credit balances. The net increase of $87 billion in total household debt outstanding was driven primarily by growth ... READ MORE >
Federal Reserve eases Main Street Lending Program terms to encourage participation
The Federal Reserve on Friday announced changes to the Main Street Lending Program intended to make financing more readily available to small and medium-size businesses struggling amid a resurgence of coronavirus cases. The changes come as negotiations over another round of fiscal aid drag on in ... READ MORE >
SBA announces simplified PPP loan forgiveness
Some businesses that accepted financing under the Paycheck Protection Program now have a streamlined path to receiving the promised forgiveness of those loans, under new guidelines released late Thursday. The Small Business Administration, in consultation with the Treasury Department, announced ... READ MORE >
CHART OF THE DAY: TSA throughput highlights consumer uncertainty
As the dog days of summer near their end, traditional forms of data such as the Conference Board’s consumer confidence reading and Labor Department's weekly jobless claims are starting to show strain in the U.S. economic recovery. High-frequency, real-time metrics such as TSA Traveler throughput data and ... READ MORE >