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In 2018, consumer lending continued to see value growth, benefiting from strong consumer expenditure and expansive economic policies. The Federal Reserve continues to push for higher interest rates, with two additional rises expected before year-end, and is forecast to meet the set inflation rate, suggesting favourable economic conditions for consumer lending growth.
Shift in home ownership demographics favours mortgages/housing
Economic and demographic changes helped sustain mortgages/housing value growth over the review period. Housing loan originations have benefited from rising demand among millennials, steady immigration, as well as a gradual shift from renting to owning.
Change in government policies driving moderate growth
Earlier this year, the US House of Representatives passed a bill which repeals sections of the 2010 Dodd-Franklin act intended to limit the power of financial institutions. The bill aims to increase consumers’ access to short term and smaller value personal loans by providing regulatory relief for banks, especially those affected by The Volcker Rule.
Auto lending continues to see value growth, despite tightening lending requirements. Creditworthy consumers remain favoured by lenders, with the majority of auto loans being disbursed to consumers with Prime (661-780) and Super Prime (781-850) credit scores.
Looking ahead: New policies to affect growth
Uncertainty regarding possible changes in Consumer Financial Protection Bureau (CFPB) leadership, in addition to recent changes in regulation, are contributing to a slowdown of the rate at which consumer lending will grow over the forecast period. Regulations introduced to protect pay day loan borrowers through stricter requirements have been highly criticised by lenders and current CFPB leadership.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in USA with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Lending industry in USA, our research will save you time and money while empowering you to make informed, profitable decisions.
The Consumer Lending in USA market research report includes:
Analysis of key supply-side and demand trends
Historic volumes and values
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
What is the market size of Consumer Lending in USA?
What are the major trends set to impact the market in USA?
What capacity for consumer debt still exists in the market?
What’s the state of credit quality in the market?
Has the economic downturn reset the lender competitive landscape?
Why buy this report?
Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions