Consumer Finance

Update 777: April Jobs Data; Week’s Key Hill Hearing

Update 777 — 175,000 Jobs Added in AprilLabor Market Data; Week’s Key Hill Hearings On Wednesday, Fed Chair Powell made clear that long-elevated interest rates would remain in place, perhaps well into autumn, until either price or labor market data showed a retreat. This morning’s jobs report showing the economy added 175,000 jobs in April …

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Update 719 — Discretionary to Discount: Consumer Spending Trends and Trajectory

It is safe to say the resilient U.S. consumer has kept the economy from flirting with recession. And again in June, consumer spending increased by 0.5 percent over May, and again, up faster than disposable income. During and shortly after the pandemic, consumers splurged on a range of discretionary items — home gym equipment, patio …

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Update 718 — A Consuming Concern

Status of Merger and Competition Policy It’s not just inflation making consumers uneasy about products and prices. Critical sectors of the U.S. economy have seen increased concentration in recent years, and whether it’s Taylor Swift tickets or food on the table, limited choices and rising costs afflict consumers everywhere. Today, we look at reforms proposed …

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Update 708 — Impact of Bank Mergers on Consumers, Investors, the Economy

Update 708 — Impact of Bank MergersOn Consumers, Investors, the Economy Major goods and services sectors across the economic landscape have come under increasing scrutiny in recent years for anti-competitive behavior, conditions restricting consumer access and choice, and raising costs. When banks merge, by and large, they will maintain fewer branches, provide fewer services, and …

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Big Bank Bash on Hill

Two signal events occurred in the financial policy space this week. The big bank CEO hearings this week in the House Financial Services and Senate Banking Committees are becoming an annual event featuring both chieftains of banking and important consumers of other public policy issues. CEOs of seven major U.S. banks appeared before Congress and …

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Saying Finito to Fees

Update 623 — Saying Finito to Fees:Overdraft Overhaul Bill Long Overdue Next Wednesday, the House Financial Services Committee will mark up and vote on Rep. Carolyn Maloney’s Overdraft Protection Act of 2021. Maloney, consumer protection advocates, and progressive policymakers have long sought to rein in high and random bank overdraft fees. Per the Consumer Financial …

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Chopra’s Reform Agenda at CFPB

Update 605 — Consumer Finance:Chopra’s Reform Agenda at CFPB The nation’s consumers — aided by robust fiscal stimulus — have been the driving force of economic recovery from the pandemic recession. This is a teachable moment for advocates of consumer protection, where progressive priorities have a greater chance of fruition than most economic policy agenda …

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