Current Industry News
AG Paxton Reminds Texans of May 31 Deadline to Claim Western Union Refunds
Attorney General Ken Paxton today reminded Texans of the May 31 deadline to submit claims in a $586 million settlement with Western Union affecting consumers who were deceived into sending payments to scam artists using the company’s wire transfer service. As many as 39,000 Texans are eligible for refunds.
Accounting for Age: The Financial Health of Millennials
Millennials and Generation X were the youngest working generations in 2016 and 2001, respectively. How do their balance sheets compare? Because of fewer assets and more debt, millennial households had an average net worth of about $90,000 in 2016 versus $130,000 for Generation X households in 2001.
Household Debt Continues Its Increase in the First Quarter of 2018
The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt reached a new peak in the first quarter of 2018, rising $63 billion to reach $13.21 trillion. Balances climbed 0.6 percent on mortgages, 0.7 percent on auto loans, and 2.1 percent on student loans this past quarter, while they declined by 2.3 percent on credit cards.
Time runs out for Congress to upend payday lending rule
Resolutions in both the Senate and House sought to kill the so-called payday rule, which aims to make sure consumers can afford to pay back these short-term, high-cost loans. In January, the Consumer Financial Protection Bureau said it plans to revisit the rule, whose compliance date is August 2019.