Total credit and debit card spending per household increased 1.7% year-over-year (YoY) in August, after a gain of 1.8% YoY in July, according to Bank of America aggregated card data. Seasonally adjusted spending per household rose 0.4% month-over month (MoM), the third increase in a row. We continue to see stark differences in income and spending growth across income cohorts, with the divergence in after-tax wage and salary growth widening again in August. Spending growth is weakest amongst younger generations and Gen X. The weakening labor market appears to be impacting younger people, particularly because changing jobs no longer results in as big of a pay bump. Some relief for the younger generations could come from easing housing costs. Our measure of new rent payments suggests they are dropping back, perhaps as households trade down. If sustained, this may help narrow the gap between the stronger spending growth of homeowners versus renters. Furthermore, the median deposit level of all generations also remains high compared to 2019 levels in Bank of America internal data. So, this would suggest to us that households do not appear to be running down their savings. For now, the recent slowdown in the labor market is not obviously being reflected in households’ overall finances.
Smart Capital Center adds AI‑powered financial analysis for CRE: automated variance detection, likely driver surfacing, and one‑click, audience‑tuned commentary for credit and investor reports
Smart Capital Center, the AI-powered CRE platform driving innovation across commercial real estate investment and finance, announced the launch of its newest enhancement: AI-powered financial analysis. The first application of this capability is automated variance reporting and commentary, designed for CRE lenders, investors, and asset managers. Unlike generic reporting tools, Smart Capital Center’s financial analysis is purpose-built for the complexities of commercial real estate. The variance reporting feature automatically identifies variances, surfaces likely drivers, and generates commentary that can be copied directly into reports—or regenerated in alternate styles depending on the audience, whether a credit committee or an investor memo. Here’s what’s now possible inside the platform: Automated explanations: Variances explained by drawing connections across rent rolls, inspections, appraisals, and market data.Interactive exploration: Follow-up questions like “Why did utilities spike this month?” answered instantly with AI-driven insights. Ready-to-use reporting: Professional commentary instantly available for credit packages, servicing updates, or portfolio reviews. Consistent analysis at scale: Standardized explanations across properties and portfolios, regardless of analyst. Data is analyzed at a scale humans simply can’t match. By synthesizing these diverse signals, the platform detects risks and opportunities far earlier—spotting correlations that manual teams would likely miss.
Bank and municipal programs provide up to $100,000 down payment assistance for cash-strapped homebuyers; however 2500+ nationwide programs remain largely unknown to buyers.
As home prices and mortgage rates continue to stretch budgets, many would-be homebuyers are wondering if they’ll ever be able to make the jump. Industry professionals say that creative financing tools and professional guidance can make homeownership more attainable, but a lack of awareness continues to stand in the way. Three voices from different corners of the housing industry — a former agent turned property inspector, a national housing economist, and the founder of a resource hub for down payment programs — each described to HousingWire how affordability pressures have evolved, what’s available to help buyers and why too few people know where to look. John Obermiller, a former Century 21 agent in North Carolina who now inspects properties for a local municipality, has seen the market both as a professional and as a potential buyer. Even with some recent cooling, he said affordability remains the central barrier. “In my general area, things have slowed down,” Obermiller said. “Houses are sitting on the market for a while. However, there are particular neighborhoods that are (promoted) specifically through the Realtors marketing directly to New York, New Jersey, and they’re drawing people in specifically to those neighborhoods.” Obermiller pointed to builders such as D.R. Horton, which advertise relatively lower per-square-foot prices than competitors. But he said monthly costs remain daunting. “(D.R. Horton) was the last I knew that were building at about $190 a square foot, which is well below $285 and over $300 for the rest of the builders,” he said. “But even then, I figured out pretty quick what the payments are for something like a $350,000 loan with everything tied in. I think it was running about $3,000 a month, just for a starter home.” Cash buyers from higher-cost states make competition harder for locals, he added. But specialized programs offer buyers the chance to rent before buying, allowing time to save. “In essence, what they’re doing is they’re allowing someone to pick out a home that they’re interested in,” Obermiller said. “This company will then purchase the home for them, and it will then rent back for around a year, and then they will allow the person to close if they choose to. If they don’t choose to, then they walk away.” Obermiller said the portability of jobs and influx of work-from-home employees free to move wherever they like that began during the COVID-19 pandemic continues to effect the flow of housing. “People who weren’t able to move and qualify could now move and still qualify for a home at a higher income,” he said. “So they had a higher income from another area. They had higher equity in their home, so now they had greater purchasing power. Of course, bidding wars resulted.” Obermiller also argues that appraisals and lender practices allowed inflated values to stick. “Nothing changed in the industry. It didn’t cost more to build the houses, none of that,” he said. “But they kept pricing higher and higher and higher, and so you keep having this flood of people coming in and higher demand. But the point is that the banks are now being put on the hook. They’re supporting that higher price point. The banks are allowing that loan to support that higher price point.” He said that limiting appraisals to true market values, with buyers covering any excess on their own, could have tempered the surge. Bill Garber, director of communications for the Appraisal Institute, directly refuses that notion. “Appraisers are an easy scapegoat on both sides of this,” he said. “When sellers are trying to sell, they have certain expectations. And when buyers are trying to buy, they have certain expectations.” Garber emphasized that
that appraisers are meant to remain independent, focusing only on establishing fair market value. “There is a difference between price and value,” he said. “The market dynamics can skew in certain directions, but the appraiser’s job is to just keep their eye on the market value ball.” That role, he added, is critical for lenders that must ensure their loans are safe and sound. “They don’t want to lend on something that’s not worth what people think it is. It doesn’t benefit the borrower. It doesn’t benefit the lender,” Garber said. Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors (NAR), said agents are increasingly stepping in to guide buyers toward affordability programs. “Realtors are helping their clients understand low down payment options that could be available in their local communities,” Lautz said. “In fact, some agents will make this into a niche, working with first-time homebuyers to really help them understand what programs could be available to help with pointing them in the right direction. “Mortgage brokers are experts in this topic, as well. There’s also FHA loans, VA loans, USDA loans — then you have state and local communities that may have programs as well.” Even with these programs, Lautz said many successful buyers rely on personal sacrifice. “We’ve seen successful homebuyers cut spending everywhere they can,” she said. “So non-essential items go out the window, as well as spending on clothes or going out to eat. Some do take second jobs to be able to save for a down payment. So they’re willing to make that sacrifice, and then others even move in with family before purchasing so that they don’t have to pay rent, which can be very costly in many communities.” A persistent obstacle, Lautz said, is that buyers often don’t realize help is available. “The myth of the 20% down payment is very persistent, even though there are low down payment options,” she said. “So, getting the word out to consumers, I think, is half the battle, and I think homeownership could be much closer within reach if people were aware of these programs.” Lautz noted that falling mortgage rates in recent months have already spurred demand. “Certainly, seeing a change in mortgage interest rates has been very encouraging, and mortgage applications are up this week as a result of that,” she said. She also pointed to a variety housing types — condominiums, accessory dwelling units and adaptive reuse — as ways to broaden affordable supply. Rob Chrane, founder and CEO of Down Payment Resource, leads the largest nationwide database of homeownership programs. His company tracks more than 2,500 initiatives across the country, ranging from grants to affordable mortgage products. “Seventy-five percent of the programs in the database are some type of down payment help or closing cost help,” Chrane said. “You know, they could be grants, they could be repayable, they could be forgivable. But we really are tracking about 11 or 12 different types of programs.” Chrane said eligibility typically combines household income and property limits. “There’s a component that has to do with certain household characteristics,” he said. “And then there’s also the property has to be eligible, because when you think about it, every one of these programs has some sort of specific geographic boundary.” Some programs, he noted, even allow small multiunit properties if the buyer occupies one unit. The database is integrated with multiple listing services nationwide, flagging eligible properties for agents. Between 600,000 and 700,000 agents now have access, Chrane said. The platform also works with consumer-facing search portals such as Realtor.com. “Somebody said to me one time that the problem isn’t coming up with a down payment,” Chrane said. “The problem is understanding that these programs exist. People just don’t know there’s such a thing.” He said early exposure to available help through property searches can reshape buyer expectations well before the purchase occurs. “And our largest MLS customer has a little over 100,000 members,” Chrane said. “I can tell you, there’s still agents out there that have access to our tools that don’t even realize it.” Far from shrinking, Chrane said the number of programs is steadily climbing. “There’s no single silver bullet (to tackle unaffordability), but obviously, down payment assistance can help a lot — and it does help in a lot of situations,” he said. “Hopefully, interest rates come down, but you can’t bet on that. So it’s about increasing supply and helping people.” From Obermiller’s view of inflated prices and cash-rich competition, to Lautz’s emphasis on agent guidance and consumer education, to Chrane’s mission of cataloging thousands of aid programs, the message is consistent: help exists but too few buyers know about it.
Mastercard debuts program to help its customers reach new markets, offering customers a tailored and scalable go to market approach
Mastercard introduced its Global Reach Partner Program, a new global expansion framework that makes it easier for customers to expand into new markets around the world. Mastercard Global Reach offers customers a tailored and scalable go to market approach that streamlines processes, accelerate launches, and delivers against their goals to serve cardholders across multiple markets. Program partners will also be able to leverage Mastercard’s consulting, advisory, and implementation expertise to support with their go-to-market definition, target operating model design, and operational roll out. Mastercard’s Global Reach Partner Program features include: Speed to Market: Accelerating international market entry; Simplified processes: Removing barriers and providing greater flexibility; Customized approach: Tailored to each customer’s unique needs; Efficiencies: Streamlining and helping to manage operational cost; Dedicated global enablement team: Providing consistency and in-market expertise across multiple markets.
Sibos: upgrading to ledgers with cryptographically verifiable state, DLT systems could finally synchronize and interoperate directly
A Sibos panel explored the interoperability of digital asset and DLT systems. John Whelan from Santander started the discussion by noting that nobody designed the global financial system. It emerged organically, evolving into what he describes as “hundreds, thousands, millions of record keeping systems, ledgers, databases” that fundamentally don’t interoperate with each other. The result is a massive infrastructure of messaging layers, reconciliation processes, and auditing mechanisms built simply to verify that one institution’s ledger matches another’s. “The macro opportunity is really to re-architect the entire financial system from the ground up,” Whelan told the panel. By upgrading to ledgers with cryptographically verifiable state, these systems could finally synchronize and interoperate directly. Abeetha Pitigala from Goldman Sachs sees the transformation centered on post-trade operations, an area that hasn’t fundamentally changed in decades. “DLTs have come along over the last 15 years and have now shifted that whole balance sheet reconciliation aspect of things,” he explained. Jack Pouderoyen from Swift noted the challenge: market participants must decide which initiatives to invest in, which to participate in, and which to ignore. “If you participate in every single thing that comes across, you have a full time job of just trying to connect to all these different things,” he said. “And then you have this world of fragmented liquidity.” The original vision risks being undermined by the very proliferation it enabled.
ECB wholesale CBDC lead warns tokenization could fragment markets
The European Central Bank (ECB) envisions using DLT in the future for a wholesale CBDC and many of today’s core central bank functions, such as collateral management and monetary policy. That’s provided tokenization takes off, according to Holger Neuhaus who leads the ECB’s Project Appia. Although he’s pretty optimistic given the strong participation in ECB DLT settlement trials. He was talking on a panel at Swift’s Sibos event yesterday. Appia is the longer term track of two DLT central bank money payment iterations, with Project Pontes (bridge) as the interim solution that is expected to launch pilots in Q3 of 2026. Pontes builds on the 2024 ECB wholesale DLT settlement trials that involved 61 private institutions. It uses elements of the three trial solutions from the central banks of France, Germany and Italy. Germany’s Trigger solution and France’s wholesale CBDC both link to the TARGET2 payment system and are the two Pontes central bank money options. Italy is providing the Hashlink interoperability solution that will be used by the German and French offerings to link to other DLT networks. Neuhaus described Pontes as a bring-your-own-market-DLT approach, highlighting the potential for fragmentation.
Zelle® and Consumer Action launch multi-city financial education initiative to empower underserved communities and an interactive workshop on how to prevent fraud and scams
The Zelle network launched a new multi-city financial education training roadshow in partnership with Consumer Action, a national non-profit dedicated to consumer protection and financial empowerment for more than 50 years. The multi-city effort kicked off with an inaugural “train-the-trainer” event in New York City on July 22, aimed at increasing awareness and understanding of how fraud and scams are evolving. The New York event featured: An interactive workshop on how to prevent fraud and scams and financial education; A presentation from the Federal Trade Commission; and Opportunities for participants to ask questions and share experiences. Additional workshops will take place in Los Angeles on September 25 and Phoenix on November 6. Zelle and Consumer Action will work closely with local organizations to tailor each event to the unique needs of its community.
Jack Henry launches “MyFinancialHealth” on its digital banking platform designed using a configurable free-to-premium model, allowing financial institutions to offer key features at no cost to users, with optional paid upgrades
Jack Henry has launched MyFinancialHealth, allowing over 1,000 banks and credit unions to embed a suite of financial health tools powered by Array. The platform offers a broader suite of embeddable tools, including credit monitoring, identity protection, online subscription management, and federal student loans. The platform is designed using a configurable free-to-premium model, allowing financial institutions to offer key features at no cost to users, with optional paid upgrades for enhanced control and protection. The platform is easily activated through a single configuration, eliminating APIs, onboarding burden, and custom development. The launch aligns with Jack Henry’s mission to deepen the connection between accountholders and their primary financial institutions, reducing financial fragmentation and improving digital engagement. Array reports that users visit its components an average of 2.2 times a month, with many opting for premium services.
REGO white-label family financial lifecycle solution delivers COPPA compliant, generational banking solutions—youth accounts, elder care, and fractional investing—with family controls to support financial inclusion in tribal communities
Rego Payment Architectures, the white-label family financial lifecycle solution platform, announced a strategic partnership with Aambé Financial to bring REGO’s generational banking tools to tribal nations across the United States. Aambé Financial, a Native-led organization rooted in economic empowerment, will work with REGO to introduce its youth banking, elder financial care, and fractional investment offerings to tribal governments, enterprises, and families. The partnership will begin with REGO’s youth banking product, which enables children to earn, save, spend, and give with parental oversight in a secure, compliant environment. Designed to support financial literacy and family engagement, the platform is certified to be COPPA-compliant, making it uniquely suited to serve minors safely and responsibly. Future phases of the rollout will introduce REGO’s senior financial management and fractional investing modules, which are designed to support caregivers, elders, and first-time investors with appropriate controls and flexible access. Together, REGO and Aambé Financial offer a community-focused and scalable platform. This partnership empowers tribal communities to safeguard family finances, build wealth across generations, and take control of their financial futures.
Gen Z prefers trustworthy online retailers that are using transparent tech—online queues over crashes, bot defenses, and fair access systems—to earn loyalty, recommendations, and program signups
Unlike their older counterparts, Gen Z consumers are significantly more likely to stay loyal, spend more, recommend and join the loyalty programs among online businesses they trust most, according to “The Age of Online Trust,” a new survey from virtual waiting room provider Queue-it. Trust also trumps cost for a majority of Gen Z shoppers. Specifically, 90% reported they would buy a product from a trustworthy business even if it costs 10% more (88% of their older counterparts agree). A majority of these younger shoppers (68%) not only expect more from retailers than they did last year, they place more value on trust in online businesses. For example, 70% are likely to spend more at trustworthy retailers compared to 60% of millennials and Gen X. Meanwhile, 69% are likely to be more loyal vs. 63% of their older counterparts. More than three-quarters (76%) of these digitally-native shoppers are more likely to recommend trustworthy retailers, and 68% are more likely to join their loyalty program, the report said. To gain Gen Z’s trust, retailers need to emphasize reliability and transparency. For example, 88% of Gen Z shoppers prefer an online queue to an error page or crashed website. This drops to 84% among millennials and Gen X. Almost three-quarters of Gen Z shoppers (73%) are more likely to trust businesses that block bots and 65% are more likely to trust businesses that ensure fair access during limited-inventory sales or registrations. This is important to 54% of older counterparts.