A new analysis in our Making Ends Meet survey series looks at how consumers use payday, auto title, and pawn loans. Use of these loans is persistent from year to year. Some consumers of these loans have lower cost credit available, while others lack access to other credit.
Making Ends Meet series: Changes in consumer financial status during the early months of the pandemic
A new analysis in our Making Ends Meet survey series looks at the early impact of COVID-19 on the financial status of consumers, finding that their ability to stay on top of their finances was greater in June 2020 than June 2019, likely as a result of government policies and private programs to reduce financial distress.
In this update to our May 2020 report examining the effects of the COVID-19 Pandemic on credit applications, we find that credit card inquiries were still 30 percent below their pre-pandemic levels in September, while auto loans were depressed by 20 percent.
We use the Bureau’s Making Ends Meet survey to study whether financially vulnerable consumers have turned to credit card debt during the coronavirus pandemic. We find that credit card debt fell even for consumers who were financially vulnerable before the pandemic.
The Bureau of Consumer Financial Protection released the findings of its assessment of the Remittance Rule, which provides protections to international money transfers. The report describes the Rule, the market, and the Bureau’s findings on the Rule’s effectiveness in meeting factors outlined in the Dodd-Frank Act.
We have released a plan to assess the effectiveness of the remittance rule and are asking the public for comments and information that would help the assessment.