Current Industry News
Household net worth rises above $141 trillion, but debt up sharply as well
American households saw another significant jump in net worth as well as hefty increases in debt and credit, the Federal Reserve reported Thursday. Thanks in good part to a big surge in stock market earnings, total household net worth rose to $141.7 trillion through the second quarter of 2021, the central bank’s Financial Accounts of the United States report showed. That was good for a $5.85 trillion increase, or 4.3% from the first quarter. Looking back to a year ago, when the nation was in the early days of the Covid-19 pandemic, the net worth total represents a 19.6% increase.
FTC Testifies before the Senate Special Committee on Aging About the Agency’s Work to Halt Practices that Prey on Older Americans
Bad actors who prey on older Americans should be stopped in their tracks, and today, the Federal Trade Commission is testifying before the Senate Special Committee on Aging on our work to protect older adults and ensure that these predators face consequences.
Consumer Complaint Research Brief: Consumer complaints throughout the credit life cycle, by demographic characteristics
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today released its first in-depth report analyzing complaint submission patterns by U.S. Census tract. The report, “Consumer complaints throughout the credit life cycle, by demographic characteristics,” finds that the complaints from wealthier communities and communities with higher percentages of white, non-Hispanic residents were more frequently about loan origination and performing servicing, while the complaints from communities of color and lower income communities were more frequently about credit reporting, identity theft, and delinquent servicing.
Bill encourages consumer fraud reporting by whistleblowers
Sen. Catherine Cortez Masto (D-NV) has introduced a bill she said incentivizes consumer fraud reporting to the Consumer Financial Protection Bureau (CFPB).