The Senate Banking Oversight Committee met with top U.S. bank CEOs on Wednesday about the possible effects of new regulations, proposed in July, that would raise capital requirements, titled Basel III endgame, according to CNBC. The new restrictions would not tackle problems that caused the most recent banking crisis earlier this year and would disproportionately affect smaller borrowers, like average Americans, by tightening credit conditions and restricting access to affordable debt in the form of mortgages, credit cards and more, experts told the DCNF.
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Pew Report: Expect Increase in Debt Collection Lawsuits, Debt Collectors Seizing Stimulus Checks
A new report published by Pew Charitable Trusts suggests that with the increase of debt collection lawsuits, “debt collectors may seize $1,200 coronavirus checks intended for household expenses.”
Before the coronavirus restrictions began, American household debt had already increased by $1.5 trillion between 2008 and 2019. As debt increased, so also did an aggressive approach made by creditors and third-party firms to use state civil courts to pursue collections through debt claims, Pew says.
Read MoreReport: Credit Card Debt Increases By 24,500 Percent Since 1970
Consumer debt in the U.S. has grown by 25 percent in five years and doubled since the turn of the century, according to the latest Clever Real Estate report
Read MoreBeto’s Newest Gun Control Idea Involves Controlling What Americans Can Buy With a Credit Card
Former Democratic Rep. Beto O’Rourke of Texas suggested pushing financial institutions into refusing service to Americans who are seeking to purchase semi-automatic rifles, among other forms of artillery.
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