Dec 21 (Reuters) - U.S. consumers struggled to access credit this year and felt less prepared to meet unexpected costs, with applications for credit cards plunging the most, according to a survey released Monday by the New York Federal Reserve.

Consumers of all ages and credit scores showed lower demand for credit cards. But those with higher credit scores continued to apply for mortgage loans and refinancing, which were made more affordable by lower interest rates.

The report reflected how some households have struggled financially in a year when the global pandemic left millions of Americans out of work and low-income workers bore the brunt of the job losses. It was a stark reversal from last year's report, when applications for credit rose as people tried to take advantage of a record long economic expansion and low interest rates.

WASHINGTON, Dec 18 (Reuters) - U.S. banks would have no longer than 36 hours after finding a cybersecurity breach to flag the issue to their regulators, under a new rule proposed Friday.

The proposal from U.S. banking regulators would direct banks to notify their primary regulator as soon as possible after a breach is discovered that could impair services or the organization itself. In addition, the rule would direct third-party service providers to promptly tell client banks of any breaches that would impair their services. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

Nationwide, courts take varied approaches to eviction cases as tenants face uncertainty

The 44 million U.S. households in rental housing face myriad challenges when landlords file eviction cases against them in housing court—challenges that can create increasingly grave consequences as the coronavirus pandemic wears on and unemployment remains stubbornly high nationwide.

When these tenants find themselves in housing court, they have legal representation only about 10% of the time. Landlords, meanwhile, have lawyers 90% of the time. That disparity can result in renters having to negotiate with trained professionals as their housing hangs in the balance. And the coronavirus pandemic has exacerbated long-standing challenges: The risk of eviction has increased for many renters at a time when losing housing could pose serious health risks, and they have to scramble to figure out how to respond to eviction court cases.

Benefits of good debt include:

Stated income loans were a primary cause of the collapse of the U.S. housing market and subsequent Great Recession. They are making a comeback, but with major changes. If you're self-employed or own a business, a stated income loan may be a good mortgage choice.

We spoke to Steven Schnall, CEO of Quontic Bank -- a lender that says it specializes in serving the underdog -- to understand why these loans are now a safe bet.

Why stated income loans needed a facelift

A stated income loan is just what it sounds like, a mortgage based on your stated (not verified) income. Prior to the housing bust, this type of home loan was abused to excess.

Ever-mounting consumer debt levels and historically high unemployment rates surpassing 10% in many states have left growing numbers of Americans unable to pay their bills and contemplating personal bankruptcy. Although bankruptcy can offer a fresh start for many debtors, it’s important to be aware of certain constraints and limitations that may be faced for years after filing. Here are the most-common limitations debtors encounter in life after a bankruptcy proceeding: 

Renting an apartment  

Renting an apartment in the first couple of years post-bankruptcy can be especially challenging. Many large, professionally-managed apartment complexes won’t rent to those with recent bankruptcy histories. (Or if they do, they’ll often charge extra security deposit fees, or demand several months of rent upfront.) On average, it takes two to four years post-bankruptcy for renting to become easier. 

With coronavirus infections spiking across the country, Chairman Jerome Powell and his colleagues at the Federal Reserve have announced they're keeping a key interest rate near zero — which promises to help mortgage rates stay at record lows.

At the end of a two-day meeting on Wednesday, central bank officials also said they intend to keep buying up Treasury bonds and mortgage-backed securities until employment numbers improve. Those purchases are contributing to today’s deeply cheap mortgage rates.

While ultra-low interest rates won’t help your savings account, they’ve been a windfall for borrowers.

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) released a panel report today as part of its rulemaking process under Dodd-Frank Act Section 1071 governing the collection and reporting of small business lending data.

A panel was convened pursuant to the Small Business Regulatory Enforcement Fairness Act, comprised of representatives of the Bureau, the Office of Advocacy of the Small Business Administration, and the Office of Management and Budget. The panel consulted with representatives of small entities likely to be affected directly by a Section 1071 regulation, referred to as small entity representatives or SERs. The SERs provided feedback on the Bureau’s proposals under consideration for Section 1071 and the potential economic impacts of complying with those proposals. The panel and SERs also discussed regulatory alternatives to minimize potential impacts.