News desk
What moved, and when
Fed decisions, data releases and rule changes that reach a personal loan, newest first. Each entry has its date, one line on what it means for a borrower, and the official source.
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Data release
October 2026 CPI: prices up 0.4% for the month, with no 12-month figure
The Consumer Price Index rose 0.4% in October 2026 after seasonal adjustment, and 0.3% excluding food and energy. The Bureau of Labor Statistics published no 12-month change for most indexes, because it did not collect October 2025 prices during the 2025 lapse in appropriations. The latest 12-month reading is still 3.7% through September; the next CPI report is due on December 10, 2026.
For a borrower: Read October's inflation from the monthly changes, and expect the year-over-year comparison to return with later reports.
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Data release
Bank personal loan APRs averaged 11.90% in Q3 2026, the Fed's G.19 release shows
The Federal Reserve's consumer credit release put the average APR on 24-month personal loans at commercial banks at 11.90% in the third quarter of 2026 (preliminary), up from 11.86% in the second quarter. Credit card accounts that paid interest averaged 22.36%. Consumer credit grew at a seasonally adjusted annual rate of 4.2% in the quarter.
For a borrower: A personal loan still costs about half the average card APR at banks, so moving a card balance to a loan can save money if the card stays paid off.
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Data release
Fed loan officer survey: consumer loan standards mostly unchanged in Q3 2026
In the Federal Reserve's October 2026 Senior Loan Officer Opinion Survey, covering roughly the third quarter, banks said they left standards and most terms on credit card, auto and other consumer loans basically unchanged. They did report tightening how often they lend to borrowers below their credit score thresholds on cards and other consumer loans, and tightening credit card limits. Demand for card loans was stronger, auto loan demand weaker, and demand for other consumer loans basically unchanged.
For a borrower: Approval is not getting broadly harder, but applicants below a bank's score cutoff may find fewer exceptions.
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Fed decision
Fed holds its target range at 3.75%–4.00% in a 10–2 vote
The Federal Open Market Committee kept the federal funds target range at 3.75% to 4.00%. Lisa D. Cook and Beth M. Hammack dissented, preferring a 0.25-point increase. The Fed set interest on reserve balances at 3.90% effective October 29, 2026; the next meeting is December 8–9, with new projections.
For a borrower: Prime stays at 7.00%, so variable rates on cards and HELOCs do not change from this decision.
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Data release
Consumer prices rose 3.7% in the 12 months through September 2026
The CPI rose 0.6% in September 2026 after seasonal adjustment and 3.7% over 12 months, up from 3.4% through August. Core prices, excluding food and energy, rose 2.6% over the year (2.4% through August), and gasoline rose 9.1% in the month.
For a borrower: Faster inflation shrinks the real cost of a fixed payment, and it is one of the readings the Fed weighs before its December 8–9 meeting.
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Fed decision
Fed raises its target range a quarter point to 3.75%–4.00%
The Federal Open Market Committee raised the federal funds target range by 0.25 point to 3.75% to 4.00%, by a 12–0 vote, citing its 2% inflation goal. It was the first change since the December 2025 cut, after the range had been held at 3.50% to 3.75% through July 2026. Banks raised the prime rate to 7.00%.
For a borrower: Variable-rate credit such as most cards and HELOCs costs a quarter point more; fixed-rate personal loans already signed do not change.
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Federal rule
NCUA keeps the 18% federal credit union loan rate ceiling through September 10, 2027
The National Credit Union Administration Board extended the temporary 18% interest rate ceiling on most loans from federal credit unions, which was due to expire on March 10, 2026, through September 10, 2027. The Federal Credit Union Act sets a 15% ceiling unless the board sets a higher temporary rate, for up to 18 months at a time. Federal credit unions may still charge up to 28% on payday alternative loans.
For a borrower: A personal loan from a federal credit union cannot carry an interest rate above 18% through September 10, 2027, except a payday alternative loan.
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Federal rule
CFPB says earned wage access that meets four conditions is not credit under Regulation Z
In an advisory opinion effective December 23, 2025, the CFPB said "covered" earned wage access is not credit under the Truth in Lending Act: access is capped at wages already earned, repayment comes through payroll, the provider has no recourse against the worker and does not assess credit risk. It said expedited-delivery fees and voluntary tips are not finance charges in the normal course, and it formally withdrew its July 2024 proposal that would have treated these products as credit.
For a borrower: Covered pay-advance products do not have to show an APR, so compare their fees with a loan's cost in dollars.
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Fed decision
Fed cuts its target range a quarter point to 3.50%–3.75% in a 9–3 vote
The Federal Open Market Committee lowered the federal funds target range by 0.25 point to 3.50% to 3.75%. Three members dissented: Stephen I. Miran preferred a half-point cut, and Austan D. Goolsbee and Jeffrey R. Schmid preferred no change. The range then held at that level through July 2026.
For a borrower: Variable rates tied to prime, which follows the top of the range, fell about a quarter point; signed fixed-rate loans did not change.
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Court ruling
Court vacates the CFPB rule that would have kept medical debt off credit reports
The U.S. District Court for the Eastern District of Texas vacated the CFPB's January 2025 Regulation V rule, which would have barred most medical debt information from the credit reports lenders use, in Cornerstone Credit Union League v. CFPB, at the parties' joint request. The court found the rule exceeded the CFPB's authority under the Fair Credit Reporting Act. The rule's March 17, 2025 effective date had already been stayed until June 15, 2025.
For a borrower: Medical collections on your credit report can still count in a lender's review, so check your reports before you apply.
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Federal rule
2025 budget law makes the limits on deducting home equity loan interest permanent
Public Law 119-21, enacted July 4, 2025, removed the end-of-2025 expiration of the mortgage interest limits first set for 2018. Interest on a home equity loan or HELOC stays deductible only when the money is used to buy, build or substantially improve the home that secures it, within the limit on mortgage debt. Starting with 2026, the law also treats mortgage insurance premiums as deductible interest again.
For a borrower: A HELOC used to pay off cards or other bills gets no tax deduction, so compare it with a personal loan on APR alone.
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Federal rule
CFPB withdraws its 2024 interpretive rule that treated BNPL lenders as card issuers
The CFPB withdrew its May 2024 interpretive rule on buy now, pay later loans, which said lenders that issue digital accounts to access BNPL credit are card issuers and creditors under Regulation Z, with duties that include periodic statements and billing disputes. The notice, effective May 12, 2025, withdrew dozens of guidance documents, including a 2020 advisory opinion on earned wage access, and said the withdrawal is not necessarily final.
For a borrower: Billing dispute and refund rights on a BNPL plan rest mostly on the provider's terms, so read them before you split a large purchase.