We are living in times of extremes, particularly when it comes to economic data, and this is reflected in the divergence of bank lending and deposit gathering; Axios has an excellent graph, showing data from the Federal Reserve, that shows year of year growth in bank deposits of 14.3% in May while consumer lending was down 4.4%; this means that consumers and small businesses are not starting new projects or focusing on growth but are instead hoarding cash during these uncertain times; at the same time banks are tightening lending standards so those people looking for a loan are finding it more difficult. Axios.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.