CFPB hits TD Bank with $28M in penalties for credit-reporting abuses
The latest violations come as the bank expects to face more than $3 billion in regulatory fines for anti-money-laundering failures.
Banking
M&T is feeling ‘really good’ about CRE loans as rates start to fall
The regional bank has already seen a large reduction in "criticized" loans, and it expects that trend to pick up as lower borrowing costs alleviate the pain in the commercial real estate sector.
U.S. Bank credits teamwork for its SBA lending surge
The Minneapolis-based banking giant is enjoying its biggest year ever for 7(a) lending, with volume up 40%, as borrowers "are still coming to us," its SBA chief said.
A non-alarmist guide to the risks in commercial real estate
Prophecies about a wave of bank failures caused by sickly CRE loans haven't yet come true. But there are still plenty of caution signs in a saga that will take years to play out.
Affirm Asset prepares to raise $500 million in unsecured consumer loans
Affirm Asset Securitization benefits from overcollateralization in several forms. Target overcollateralization during the revolving period will equal 2.65% of the initial adjusted pool balance.
Credit union-bank mergers approach all-time high
REV Federal Credit Union in suburban Charleston, South Carolina, plans to acquire First Neighborhood Bank in West Virginia. It marks the 15th deal this year involving a credit union buying a bank, closing in on 2022's record of 16 deals.
Consumer loans secures ACHV 2024-2PL’s bid for $263.3 million
Only loans from the Achieve Personal Loan product line are in the current collateral pool.
Oportun Issuance prepares to issue $223.2 million from consumer loans
Overcollateralization, subordination of the junior notes, a non-declining cash reserve account and excess spread provide credit enhancement to the notes.
BMO’s preparation for loan losses hamstrings earnings
The Canadian lender's cushion for potential credit losses nearly doubled in the third quarter, while its U.S. business idled.
For community banks, rate cuts present positives and perils
Lower interest rates could bolster loan demand, credit quality and securities portfolios. But they could also curb lending profitability faster than they ease deposit costs, crimping net interest margins and eating into near-term profits.
Survey finds bankers newly upbeat on loan growth
Increased demand from borrowers may hinge on Federal Reserve Chair Jerome Powell and his colleagues cutting interest rates this fall.
Janus’ acquisition of VPC seen as latest in M&A trend
Asset manager-led transactions targeting asset-based finance (ABF) gained momentum following the regional banking crisis, which are typically the go-to for consumer and small business loans.
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
CFPB proposal to exclude medical debt from credit draws comment
The change in medical debt reporting initiated by the three credit bureaus did not go far enough as 15 million Americans are still impacted, the groups led by the National Consumer Law Center said.
KeyCorp says $2.8B deal with Scotiabank will help it be ‘front-footed’
KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.
LEAF Capital returns to issue $792.6 million through M&T Equipment’ latest series
There is no subordination for the class A notes, but managers opted for much more overcollateralization, which stands at 18.0% as a percentage of the initial pool balance.
Castlelake commits to buying up to $1 billion of Pagaya loans
Set up as a forward flow deal, will allow Castlelake to buy Pagaya-originated loans for a period spanning one year, with an option to extend the agreement further.
New York lawmakers urge NY Home Loan bank to adopt fairer credit models
Democrats Ritchie Torres and Gregory Meeks called on the New York Home Loan bank to follow the lead of its peers and use alternative credit scoring models for collateral to improve consumers' access to homeownership.
Subprime borrowers help drive mortgage growth
Moderating interest rates in the first quarter led to changing fortunes from 2022 and 2023, a Transunion report said.
Banks rebuff FHFA inquiry into the Federal Home Loan Banks’ mission
The Federal Housing Finance Agency wants to update the dual mission of the Federal Home Loan Banks. Members of the private bank cooperative say their regulator has no authority to redefine the mission.
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