SoFi Bank’s pool of unsecured consumer loans supports $697.6 million
While SoFi uses a third-party servicer for both of those product types, it services its entire consumer loan portfolio.
Banking
NYC-area banks’ to-do lists: Deposit growth, CRE reduction
Valley National Bank and Dime Community Bancshares expect a better balance of deposit costs to help boost their net interest margins in 2025.
Potential auto repossessions increased post-pandemic, while deficiencies soared
Outstanding loans eligible for repossession in December 2022 saw a 22.5% increase from December 2019, but redemptions were higher than pre-pandemic levels.
Capital One, seeing a healthy consumer, leans into credit cards
CEO Richard Fairbank told analysts executives have their "microscopes" out for any signs of trouble, but consumers remain "in a great place."
JPMorgan posts record profit; succession plan undetermined
The $4 trillion-asset bank posted its highest-ever annual profit but also said its CEO succession plan is still in the works.
Island Finance debuts on ABS market with $292.5 million offering
Island is a first-time issuer and largely originates and services the loans through its network of 48 branches.
JPMorgan’s first female COO doesn’t want Dimon’s job
The largest U.S. bank by assets has elevated Jennifer Piepszak to chief operating officer, in preparation for Daniel Pinto's retirement in 2026. But Piepszak is not interested in being CEO, the company said.
Most BNPL loans made to subprime borrowers: CFPB
The Consumer Financial Protection Bureau's research found that the majority of buy now/pay later users are subprime borrowers, holding high credit card balances and multiple loans, suggesting the offering is riskier to lenders than previously assumed.
Oportun Issuance Trust sells $301.1 million in consumer-loan ABS
The current deal adds a class E tranche, which provides subordination to the pool, unlike previous Oportun transactions dating back to 2022.
Index provider ICE buys AFX and its Ameribor rate
The financial data firm Intercontinental Exchange is buying the firm that runs the Ameribor interest rate benchmark, which some community and regional banks back as a LIBOR alternative.
CFPB bars lenders from considering medical debts in lending decisions
Consumer Financial Protection Bureau's decision removes about $49 billion in medical bills from consideration for about 15 million Americans.
Georgia CU-bank deal unravels; another pops up in Michigan
A record 22 credit unions announced plans to acquire banks in 2024, though the year ended on a discordant note as regulatory concerns appear to have derailed a planned CU-bank deal in Georgia.
Turnaround artist Parsons ‘left everything better than he found it’
Richard "Dick" Parsons, the former Citigroup chairman who died Thursday, is credited with helping the New York megabank survive the financial crisis. Earlier in his career, he led Dime Savings Bank out of the savings-and-loan crisis.
HomeStreet agrees to sell nearly $1 billion in multifamily loans
The Seattle-based company's deal with Bank of America comes five weeks after the termination of its planned sale to FirstSun Capital Bancorp in Denver.
BNPL lender Affirm inks fresh forward-flow deal with Sixth Street
Affirm partners with Sixth Street to sell its buy now/pay later loans to the investment firm; Associated Banc-Corp promotes Steven Zandpour to deputy head of consumer and business banking; Visa Direct speeds up its money transfers; and more in this week's banking news roundup.
Tesla pushes real-time payments adoption into the fast lane
About $2 billion changes hands daily for the sale of new motor vehicles in the U.S., making auto dealers a prime use case for faster payments. So why aren't more using it?
Taubman Shops $1 billion deal backed by Dolphin Mall Miami
Top retail-mall owner Taubman has approached the market with a $1 billion CMBS deal to refinance the existing debt that is collateralized by one of the highest volume shopping centers in the U.S.
By
John Hintze
Affirm Asset Securitization raises $735.6 million from consumer loans
The market expects 5.2% yields on the AAA-rated tranche, slightly tighter than the 5.1% seen on the AAA-rated notes on an earlier deal, the Affirm Asset Securitization Trust, 2024-B series.
Upgrade Receivables raises $299 million on unsecured consumer loans
Initially, the notes benefit from a reserve fund that equals 0.50% of the pool balance; overcollateralization, which represents 10.60% of the pool balance; and subordination.
CFPB’s Chopra: AI can be the key to fairer credit scoring
Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.
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