Consumer borrowing up for 10th straight month
Americans borrowed more money in July than any other month in more than three years. But they cut back on using their credit cards.
Consumer borrowing rose nearly $12 billion in July, the Federal Reserve said Thursday. Greater demand for school and auto loans fueled the increase. A category that measures credit card use fell in July after large increases in May and June.
Total consumer borrowing increased to a seasonally adjusted annual level of $2.45 trillion. That’s barely 2 percent above the four-year low reached in September.
Borrowing is usually a sign of confidence in the economy. Consumers tend to take on more debt when they feel wealthier. But an increase in credit card use can be a sign that people have fallen on harder times.
Former inspector returns to local private sector
Former Justice Department Inspector General Glenn A. Fine has joined the international law firm Dechert LLP as a partner in the White Collar and Securities Litigation Practice in the District. Mr. Fine served as the inspector general from December 2000 until January 2011.
Mr. Fine will focus his practice on internal investigations, corporate compliance issues, corporate monitorships, government investigations, and global white collar and securities matters.
“The firm has an extremely strong pool of talented lawyers and an outstanding international reputation,” said Mr. Fine, who joined the Office of the Inspector General in January 1995, initially serving as special counsel but later moving to director of special investigations and review unit, where he served until his nomination in 2000 as inspector general.
As the inspector general, Mr. Fine supervised a staff of more than 400 employees who conducted investigations, audits and special reviews of Justice Department programs and expenditures.