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Banks can push clients in the oil and gas industries to prioritize their sustainability targets, but also protect the relationship by offering perks like rate discounts and green loans. Keep the vision after the planning stage. Once a plan is in place, it's vital for the bank to monitor its progress to ensure it鈥檚 on track to reach its emission goals.

They鈥檙e outnumbered only by Gen Zers, who have grown up in the shadow of millennial debt. Older millennials are saddled with more debt than any other US age group, according to the Federal Reserve Bank of New York, as student debt compounds with housing and childcare costs. As inflation persists, that means millennials are cautious about discretionary spending and saving for necessities. 2.

BNPL has been around for several years now, but the number of BNPL loans issued to consumers increased almost 10-fold between 2019 and 2021. Black, Hispanic, and female consumers were more likely to use BNPL than white, non-Hispanic, and male consumers. Those earning between $20,001 and $50,000 were also more likely to use BNPL.

That sentiment stems from a variety of factors including record-high home prices, limited inventory, and elevated mortgage rates. Remodeling spending is trending downward.

But unlike inflexible insurance products offered through bank branches, banks and fintechs can now offer customized, point-of-need (e.g., during online mortgage applications) life insurance products. We expect these partnerships to proliferate as fintechs look for new revenue streams amid a tougher economy. Digital health and wellness platforms.

Various factors like debt, caregiving, and education costs increasingly impede retirement savings for many, potentially delaying retirement by at least four years for one in five workers. Following a recent resumption in student debt payments, 84% of higher education borrowers say student loans have hurt their ability to save for retirement.

But that may also bring about a spate of loans that go unpaid as consumers struggle. Banks will likely continue to add to their loan loss provisions, cutting into their profits. The Fed can鈥檛 kick inflation. The Fed鈥檚 plan to bring inflation down to 2% has been slow-moving, though recent months show small decreases in the inflation rate.

A tough road ahead: The Federal Reserve鈥檚 low-interest-rate policy fueled speculative investments in tech companies (and companies posturing like tech companies) that used cheap debt to drive rapid top-line growth. But as the Fed cranks up interest rates to stymie inflation, debt has grown increasingly expensive.

Loan receivables increased 20% YoY, driven primarily by card loans, CEO Roger Hochschild said. Discover鈥檚 marketing expenses jumped 15% YoY as it spent more to grow its consumer card business, per CFO John Greene. Card sales increased 8% in Q4, down from 25% YoY the year before. Hochschild said the slower sales growth was offset by a decrease in the payment rate.

In the years that followed, it offered savings products, checking accounts, and personal loans. It partnered with Apple and General Motors to offer credit cards. And it expanded into the UK. In 2021, the bank acquired fintech startup GreenSky, which offers home improvement and healthcare loans, in a bid to bulk up its consumer lending.

Forty-one percent of US adults are in healthcare-related debt, according to Kaiser Health News. US medical debt topped $195 billion in 2019. Financial institutions (FI) and fintechs have sought to close the gap between what patients can afford versus the cost of medical care with credit cards and鈥攎ore recently鈥攚ith buy now, pay later (BNPL) products.

Regulators are investigating the dangers BNPLs pose to consumers, who could be racking up multiple debts without realizing. People are using BNPLs on things like food, gas, and medical bills they can鈥檛 otherwise afford. For many, BNPLs are just a new way to accrue debt. Key takeaways: BNPL is here to stay, even as the fintechs that invented the service face challenges.

First Horizon also maintains a diversified lending portfolio that encompasses commercial and industrial loans, commercial real estate loans, and secured personal loans. Its specialty banking division鈥攚hich extends franchise, equipment, energy, and healthcare financing鈥攃ontributes handsomely to deposits as well. First Horizon executives claim the merger deal didn鈥檛 impact staffing levels very much.

Less than two weeks into 2023, Wells Fargo said it would step back from the mortgage market to focus on existing clients while also promoting minority homeownership. The bank said its mortgage operations were too complex to handle and that it would direct its efforts to rebuilding customer trust.

The FTT token served as collateral for loans made by FTX to crypto hedge fund Alameda, founded by FTX founder Sam Bankman-Fried and Wang, using FTX customer assets.

In July, the crypto broker/lender filed for bankruptcy after one of its customers defaulted on a $650 million loan. That same week, the Federal Deposit Insurance Corporation (FDIC) launched an investigation against the firm for allegedly claiming customer deposits were insured up to $250,000, when they actually weren鈥檛.

Grappling with massive debt, WBD made extensive cuts across its business, including employee layoffs, project cancellations, and content removal from streaming services. CFO Gunnar Wiedenfels previously indicated a shift away from these practices in 2023. WBD's practice of shelving films for tax benefits, favoring financial over creative aspects, may set a trend in the industry.

High-deductible plans on top of other financial obligations, like car payments, student loans, rent, and mortgages, mean many millennials are checking prices before seeking care鈥攐r even opting to forgo care. Their mental state isn鈥檛 great.

Marketers should note that, while doctors are among the highest-paid professionals, they often have student loans, mortgages, and other expenses to consider before discretionary purchases like luxury goods. Physician burnout isn鈥檛 going away, even if the pandemic eventually does. The pandemic, among other factors, added to feelings of depression and exhaustion among physicians.

Musk obtained $25.5 billion in debt financing from a bank group including Morgan Stanley, Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank, and BNP Paribas. The remaining funds would come from equity, including $12 billion in margin loans against Musk鈥檚 Tesla stock. Musk attempted to back out of the deal in July.

Fewer but bigger: Cases against large firms like Wells Fargo, Bank of America, TransUnion, and MoneyGram have led to two of the agency鈥檚 largest-ever settlements, even as it has pursued fewer cases against debt collectors, credit repair organizations, and other smaller companies.

Landlords may not be able to sell premium-priced offices to tenants in other recession-wary sectors, which raises the possibility of mortgage defaults鈥攁nother blow to the economy. Workers vs. real estate: The reason behind tech鈥檚 acquisitions was to win the talent war with amenity-filled workspaces. But less space is needed with fewer workers on payroll due to layoffs.

More than one-third (33.9%) of domestic banks tightened standards for credit card loans in Q4 2023, per the Federal Bank of St. Louis. This made it harder for riskier consumers to get approved for credit cards, pushing them to alternatives like BNPL. Older users. Despite the majority of BNPL users being millennials or Gen Zers, older generations are warming to the payment method.

Because they make it easier for a variety of consumers to obtain credit, they hold a lot of loans. But this can lead to issues like those that caused the subprime mortgage crisis in 2008. Now all eyes are on community banks鈥� concentration in commercial real estate loans. Their smaller size also makes them more vulnerable to shocks in the financial system.

Some of that divide may result from the growing disparity between affluent and lower-income consumers, the latter of which are feeling stretched due to the rising cost of paying down debt and higher living expenses.