How Treasury could come down on fintech regulation
With the question of a federal charter still looming, Treasury's last report on changes to the financial regulatory system will focus on nonbanks and new tech startups.
Commercial lending
Hyundai moves upscale in its next $707.8M lease ABS
For the first time, the collateral includes lease contracts from its standalone Genesis luxury sedan line; two models, the G80 (base price $41,000) and G90 (base price $68,000) account for 4% of the total pool balance.
By
Glen Fest
Improved MPL pools no guarantee of ABS performance, says Fitch
The ratings agency cautions that marketplace lenders' efforts to tighten credit standards during a "solid" macroeconomic environment underscore the volatility their portfolios might face in a downturn.
By
Glen Fest
A return to bank-payday lender partnerships? Not on Otting’s watch
Just two months ago, Comptroller Joseph Otting seemed to signal that the OCC might be open to letting national banks rent their charters to payday lenders. Now he is clarifying that it won’t happen.
Uneasy transition: Banks prepare for Libor’s demise
The London interbank offered rate will likely be replaced by a new reference rate that critics say is better suited for the derivatives market than it is for commercial lending.
Avant continues to benefit from tighter underwriting criteria
The online lender was able to lower the credit enhancement (again) on its latest securitization of consumer installment loans, the $221.9 million Avant Loans Funding Trust 2018-A.
From overdraft to HMDA, rulemaking has new look at Mulvaney’s CFPB
Acting CFPB Director Mick Mulvaney has dropped agency plans to crack down on overdraft programs and large marketplace lenders. Here's what else he's changing.
CNH boosts share of new-sale contracts in $774.9M ag-equipment loan ABS
Stabilizing farm incomes are expected to help boost the performance of the sponsor's managed portfolio, which experienced a rise in 2015-2017 delinquencies, as well, according to ratings agency reports.
By
Glen Fest
What’s lost in transition from Libor to new benchmark
The London interbank offered rate has its faults, but at least it compensates for counterparty risk; not so the benchmark being touted as a replacement.
By
Glen Fest
LendingClub’s losses widened in 1Q despite strong loan growth
Legal costs and legacy issues related to previous management continue to weigh on the online lender's results.
Small banks count on new appraisal rule to boost CRE lending
The removal of costly appraisal requirements on tens of thousands of smaller commercial properties could help community banks better compete for loans they say they have been losing to nonbank lenders.
By
Andy Peters
U.K. online lender Funding Circle returns to securitization market
All of the loans in the £206.6 million deal were funded by institutional investors; the transaction allows these institutions to exit their investments by pooling loans into collateral for bonds.
CRE borrowers are repaying early, and that’s a problem for banks
Borrowers can get better rates elsewhere, so they're repaying ahead of schedule, leaving banks in the lurch. The steps lenders would have to take to keep the business could be prohibitively expensive.
By
Andy Peters
Kabbage plan in Orchard deal: Expand offerings to banks, small businesses
Using Orchard’s data science smarts, Kabbage intends to offer new payment products to small businesses and loan portfolio insights to financial institution partners.
Government accuses LendingClub of misleading borrowers
The Federal Trade Commission alleges in a lawsuit that the company's "no-hidden-fee" pledge is deceptive. LendingClub says the claims are unwarranted.
Goldman finally reveals more of its big plans for consumer banking
The Wall Street giant's acquisition of the app maker Clarity Money is only one part of a long-term strategy to build a digital retail bank from the ground up.
Ford maintains strong truck, SUV concentrations in $1B lease ABS
The sponsor is pooling what a majority of customers are buying these days, but future gas-price shocks could depressed used-vehicle prices on the lower MPG models.
By
Glen Fest
Online lenders adopt the model they sought to disrupt
As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts.
Online lender touts new personal credit line as HELOC alternative
Upgrade's new product, unveiled Tuesday, is aimed at consumers who are expecting a big expense but may not need to borrow all the money at once. Unlike a home equity line of credit, the loan can be approved in minutes because there is no need for collateral or an appraisal process.
SoFi names longtime Goldman Sachs exec Michelle Gill as next CFO
Gill, who spent 14 years at Goldman, will fill a role that has been vacant since last summer at SoFi.
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