US Financial System Facing Five-Year High Delinquency Rates on Loans – Federal Reserve

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from Sputnik News:

WASHINGTON (Sputnik) – The financial system of the United States is experiencing five-year high delinquency rates among commercial real estate loans and an increase in credit card and auto loan delinquencies, Michael Barr, the Vice Chair of the Federal Reserve for Supervision, has said in a House committee hearing.
“For example, delinquency rates are rising among certain commercial real estate (CRE) loans, such as those backed by offices, and some consumer loan sectors. CRE delinquencies are now at a five-year high. Credit card and auto loan delinquencies have been rising,” Barr said on Tuesday.

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Banks have increased loan loss provisions in response to rising delinquencies, he said, adding that “the banking sector as a whole should be prepared to absorb loan losses that may materialize and continue fulfilling its vital role providing credit to households and businesses.”

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