Fire Cordray, Two GOP Senators Tell Trump
Two Republican senators sent a letter to Vice President-elect Mike Pence calling for the removal of Consumer Financial Protection Bureau Director Richard Cordray
Consumer ABS
First Subprime Auto ABS of 2017 Comes from CPS
CPS Auto Receivables Trust 2017-A is a $206.32 million asset-backed offering, the 24th overall for the indirect lender to troubled-credit borrowers whose FICO scores average 567.
Student Debt: Not Just Millennials’ Problem
The face of U.S. student loan debt is usually an underemployed twentysomething. But increasingly, the burden of paying for higher education is falling on older Americans.
Hyundai Gets Early Jump on Auto Lease ABS
Hyundai Capital America is the first captive finance arm of a major automaker to enter the 2017 securitization market with an $810.4 million bond offering backed by new-vehicle lease contracts.
Another Blow to Online Payday Lenders
California’s highest court ruled that lenders affiliated with Native American tribes are not entitled to sovereign immunity and must comply with state interest rate caps.
Capital One Credit Card Acquisition Facing Regulatory Delays
Capital One Financial in McLean, Va., is facing regulatory delays in its bid to buy a credit card business from the outdoor equipment chain Cabela's.
December Prime Card Chargeoffs Fall; Retail Shows Mixed’ Performance
Monthly chargeoffs in U.S. prime credit card asset-backed securities fell to a new low of 2.33% in December, according to Fitch Ratings monthly index results. However, retail credit-card performance saw "mixed" results with chargeoffs rising but monthly payment rate (MPR) levels improving.
More Pain in Store for Subprime Auto ABS in 2017
Despite mounting losses, credit ratings agencies maintain a steady-but-cautious outlook for subprime auto loan securitization portfolio performance in 2017.
A Whole Lot of Hurt in Auto Lending May Be Coming
Although subprime auto lending and securitization bear similarly troubling signs to the pre-crisis housing market, they clearly do not contain the macroeconomic risks posed by the mortgage industry nearly a decade ago. But investors may still not be in the clear.
Moody’s Downgraded Half of FFELP Bonds Under Review
In case you havent been keeping track, Moodys Investors Service downgraded about half of the guaranteed student loan bonds that it had put under review this year.
Latest Competition in Overheated Auto Lending? Community Banks
Smaller institutions have increased the size of their auto books in the last year, with the 25 most-active lenders reporting a nearly 7% increase. More borrower demand and a pullback by some bigger lenders are contributing to the rise.
Next Private Student Loan Securitization Comes from GS2
Next Private Student Loan Securitization Comes from Goal Structured Solutions
Community Banks Show Greater Interest in Auto Lending
Smaller institutions have increased the size of their auto books in the last year, with the 25 most-active lenders reporting a nearly 7% increase. More borrower demand and a pullback by some bigger lenders are contributing to the rise.
SoFi Moves Down Market in Next Student Loan Securitization
SoFi Lending Corp. is testing the market for private student loans to slightly riskier borrowers.
Citi Issuing 3rd Card Offering from Citiseries Trust
Citibank is issuing its third offering of the year from its Citiseries Credit Card Issuance Trust, according to Moodys Investors Service.
Servicer Nelnet Preps 1st Private SLAB
Nelnet, the second largest servicer of federally guaranteed student loans, is getting into the private student loan business.
First Republic Buys Student-Debt Startup Gradifi
First Republic Bank in San Francisco has bought Gradifi, a two-year old firm that works with small and large companies to help their employees pay down student debt.
New VantageScore Index Measures Changing Risks in Consumer Lending
The Default Risk Index is a measure of relative changes in risk level, benchmarked against the third quarter of 2013, the first period for which data were compiled.
States Hurry to Boost Their Fintech Appeal in Wake of OCC Plan
A week after the Office of the Comptroller of the Currency created a new federal charter for fintech firms, California's financial regulator is calling on other states to work together in making their licensing system more palatable to companies.
OnDeck Bolsters Funding with Credit Suisse Debt Agreement
OnDeck Capital, the New York-based online small-business lender, has obtained a $200 million revolving debt facility from Credit Suisse.
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