Photographer: Patrick T. Fallon/Bloomberg Photographer: Patrick T. Fallon/Bloomberg U.S. consumer borrowing unexpectedly fell in August as credit-card balances declined for a sixth consecutive month with the coronavirus pandemic continuing to limit some purchases amid elevated unemployment. Total credit decreased $7.2 billion from the prior month after an upwardly revised $14.7 […]

AB 1864 Establishes the Department of Financial Protection and Innovation – modeled directly after the federal agency championed by President Obama and Senator Warren – to Fight Financial Predators and Cultivate Consumer-Serving Innovation  SB 908 establishes a licensing law to specifically regulate debt collectors AB 376 creates Student Borrower Bill of Rights […]

Interbank messaging network Swift is to move into the low-value remittance market, providing member banks with the means to make instanteous transactions across borders for small and medium-sized companies and consumers The banking co-operative is working with over 20 banks to develop the service, which builds on the strength […]

WASHINGTON — U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when rapidly spreading COVID-19 […]

Consumers reported growing optimism in September about present business and labor market conditions. Data also suggested rising consumer expectations. THE ASSOCIATED PRESS WASHINGTON (AP) — U.S. consumer confidence rebounded more quickly in September than most economists had expected, though the levels remain far below those before the pandemic struck. The […]

Wednesday, September 30, 2020 As has been previously noted, California’s Governor recently signed  AB 1864 (2020 Cal. Stats. Ch. 157) into law (aka the “California Consumer Financial Protection Law”).  Broadly speaking, this new law will bestow new regulatory authority on the Department of Business Oversight (to be renamed the Department […]

A recent webinar for professionals in luxury industries saw an online attendance of fifty-five executives. The topic at hand was the same question that’s plagued the first two quarters of 2020: what does the COVID-19 crisis mean for these industries? Already, predictions have pointed to a staggering 600 billion dollar sales […]