Money Talk: Consumers will spend $14.1 billion on Super Bowl

Each Monday, Talk Business & Politics provides “Money Talk,” a wrap-up of banking and financial news. 

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CONSUMERS WILL SPEND $14.1 BILLION ON SUPER BOWL
American consumers will spend an average of $75 for a total of $14.1 billion as an estimated 188.5 million watch the Atlanta Falcons face the New England Patriots in Super Bowl LI on February 5, according to the National Retail Federation’s annual Super Bowl Spending Survey conducted by Prosper Insights & Analytics. Viewership is about the same as last year’s 188.9 million but the spending is down from an average of $82 and a total of $15.5 billion.

Of the 76% of those surveyed who plan to watch the game, 80% say they will purchase food and beverages, 11% will buy team apparel or accessories, and 8% will splurge on new televisions to watch the game at home. According to the survey, the 45 million people hosting a Super Bowl party should expect a full house, with 27% of those surveyed planning to attend a party to celebrate the big game. Bars and restaurants can also expect a good turnout with 12.4 million people planning to head out to watch at their favorite local spot. Over 43% of viewers say the most important part is the game itself, 24% cite the commercials, 15% want to hanging out with friends, and 12% of say the half-time show is their top highlight.

STONE BANK APPOINTS SENIOR VICE PRESIDENT, CREDIT OFFICER
Cara Lank has been promoted to senior vice president and credit officer at Mountain Home-based Stone Bank. Lank, a native of Newport, has a BS in Public Administration from Harding University and completed the Graduate School of Banking at the University of Colorado. She has served the Arkansas State Bank Department as a Certified Senior Bank Examiner and Financial Analyst and was a vice president and credit officer for First National Bankers Bank of Little Rock.

CONGRESSMAN HILL APPOINTED TO SERVE ON THREE HOUSE SUBCOMMITTEES
U.S. House Committee on Financial Services Chairman Jeb Hensarling, R-Texas, announced that Rep. French Hill, R-Little Rock, who serves as Committee Whip, would serve on the Subcommittee on Capital Markets, Securities and Investment, Subcommittee on Monetary Policy and Trade, and Subcommittee on Terrorism and Illicit Finance.

“I appreciate the chairman assigning me to these three important subcommittees,” said Hill. “Our committee has a full plate in the coming two years to promote a sound financial system and remove the barriers that bad regulations like Dodd-Frank have created for entrepreneurs and small businesses seeking the credit and capital necessary for economic growth and job creation. Being successful in these endeavors will require good subcommittee work.”

ONE-IN-FOUR CONSUMERS FEEL THREATENED BY DEBT COLLECTORS
A recent Consumer Financial Protection Bureau (CFPB) report found that over one-in-four consumers contacted by debt collectors felt threatened. The report was drawn from the first-ever national survey of consumer experiences with debt collectors.

Over 40% of consumers who said they were approached about a debt in collection requested that a creditor or collector stop contacting them. Of these consumers, three-in-four report that debt collectors did not honor their request to cease contact.

The CFPB is also releasing a study of potential risks in the online debt marketplace, where consumer debts and personal information are for sale for fractions of pennies on the dollar.