NY Fed: Household debt rises for 22nd consecutive quarter
A new report from the Federal Reserve Bank of New York found that household debt rose $193 billion in the fourth quarter of 2019 – the 22nd consecutive quarter of increases. Household debt now stands at $14.15 trillion, roughly $1.5 trillion higher than the pre-recession peak set in the third quarter of 2008.
"Overall, household debt levels are growing at about the same pace as the overall economy," said NAFCU Chief Economist and Vice President of Research Curt Long. "However, rising auto and credit card delinquencies suggests that an increasing share of borrowers are seeing their finances stretched. Recent surveys indicate that credit unions and banks are responding by tightening credit standards."
Mortgage balances, which is the largest component of household debt, increased $120 billion during the quarter to $9.56 trillion. Mortgage originations hit their highest level since 2005, rising to $752 billion, which the Fed attributed to refinancing. Non-housing debt balances rose $79 billion from a variety of debt types, including:
- $16 billion from auto loans;
- $46 billion from credit card balances; and
- $10 billion from student loans.
A new NAFCU Macro Data Flash report on consumer credit showed increases during December, driven primarily by growth in the revolving credit sector. Long noted that almost one-fifth of banks had tightened standards for credit card borrowers, according to the Fed's fourth quarter Senior Loan Officer Opinion Survey.
Add to Calendar 2021-10-21 14:00:00 2021-10-21 14:00:00 FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet If you have ever wanted to know what’s new in the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, this is the session for you. In this webinar we will deconstruct the Architecture, Infrastructure & Operations (AIO) booklet by comparing the AIO booklet to the Operations booklet which it replaces. We dig into what’s new to AIO, including how the principles, design and content could impact your credit union during future IT exams. If you are a CISO, ISO, responsible for IT governance, or just want to stay on top of changes to IT regulatory guidelines, this session is for you. Key Takeaways Discover the key differences between the AIO booklet and the Operations booklet it replaces. Identify new principles in the AIO booklet as they relate to IT safety and soundness. Compare and contrast principles and concepts that overlap with the IT Security booklet. Review ideas on how to implement the AIO into your credit union’s Information Security Program. Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire team access to the live webinar and on-demand recording until October 21, 2022.Go to the Online Training Center to access the webinar after purchase » Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMS) Chief Executive Officers Chief Financial Officers Chief Information Officers Chief Technology Officers Compliance, risk, and audit titles Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar NCCOs will receive 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
FFIEC IT Examination Handbook Update - Deconstructing the Architecture, Infrastructure & Operations Booklet
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